Prudential Financial acquires 13% of Peak Re
US-based Prudential Financial (PFI) is acquiring a 13.1 percent stake in Hong Kong-based Peak Reinsurance Company via a wholly-owned subsidiary through an issuance of new shares.
The transaction marks a further step in the long-term strategic partnership between Fosun International, the largest shareholder of Peak Re, and PFI, which does business as Pramerica in selected countries outside the US, according to a Feb. 13 press release. Fosun and PFI also jointly own and operate a life insurance joint venture in China.
Peak Re will benefit from the investment in that it will support its expansion plans.
“We want to thank Fosun and International Finance Corporation for supporting this successful venture and are pleased to welcome PFI as a new investor as we continue to build Peak Re into a leading global reinsurer,” said Peak Re CEO Franz-Josef Hahn.
Following the closing of the transaction, Fosun will hold 86.9 percent of Peak Re via Peak Re Holdings.
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