Peak Re tallies ninth straight yr of premium progress

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“Multiple extreme pure disasters had been a key characteristic that underpinned the 2021 efficiency of the worldwide reinsurance trade and Peak Re’s P&C enterprise,” mentioned Franz Josef Hahn, CEO of Peak Re. “But the corporate’s sturdy analytical functionality to discern dangers and a globally diversified portfolio helped mitigate the monetary impacts.”

Peak Re’s life and well being (L&H) reinsurance enterprise grew strongly in 2021, accounting for 11% of complete gross written premiums. Over the yr, Peak Re reported steady income progress in Asia-Pacific and vital premium will increase within the Americas and EMEA. In 2021, 55% of the corporate’s income (primarily based on gross written premium) was generated from Asia-Pacific, 33% from the Americas, and 12% from EMEA.

The firm’s complete fairness reached US$1.47 million as of December 31, 2021, which Peak Re mentioned is instrumental in supporting the expansion of its P&C and L&H reinsurance companies. In addition, the corporate’s solvency ratio was 320% as of the top of 2021, adequately above the statutory requirement set forth by the Hong Kong Insurance Ordinance.

Other developments highlighted by Peak Re in 2021 had been:

  • Entered the longevity enterprise within the UK
  • Completed third Lion Rock Re sidecar transaction, elevating US$107 million of third-party capital
  • Reached a definitive settlement to accumulate the remaining 50% issued share capital of the Caribbean insurer NAGICO Holdings
  • Ranked twenty seventh in S&P Global Ratings’ Top 40 Global Reinsurance Groups in 2021 by way of web reinsurance premiums written
  • Maintained a seven-year observe report of over 90% of claims settled inside 5 days

“Peak Re has come a great distance since its starting 10 years again,” Hahn mentioned, forward of the reinsurer’s tenth anniversary in December. “With a agency foothold in China and increasing elsewhere in Asia and across the globe, our purchasers have come to respect us for who we’re and what we need to be. We stay dedicated to partnering with our purchasers to assist their endeavours.”

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