Hong Kong-based reinsurer Peak Re has launched and had rated a new North American underwriting entity, Peak Reinsurance North America Ltd. (Peak Re NA), domiciled in Bermuda, demonstrating the company’s commitment to growing its footprint in key markets around the world.
Peak Re NA is licensed as a Class 3B insurer, and marks an important step in expanding the reinsurer’s global presence and efforts to provide tailored reinsurance solutions to the North American market.
The new underwriting entity will have a focus on US motor and casualty reinsurance, which was previously underwritten by Peak Capital Ltd., and will utilise the wider Group’s expertise and resources.
The reinsurer states that by offering bespoke solutions and dedicated support, Peak Re NA will improve its ability to build stronger partnerships and address the needs of clients across the region.
“The establishment of Peak Re North America demonstrates our commitment to expanding into key global markets. This move allows us to offer greater proximity and customized support to our partners in the North America, ensuring we remain a trusted and innovative reinsurer on a global scale,” said Franz-Josef Hahn, Group CEO, Peak Re.
At the same time, ratings agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Peak Re NA, with a stable outlook.
The ratings, according to AM Best, reflect Peak Re NA’s inclusion as a member of the group, which has a balance sheet strength that AM Best assesses as very strong, alongside an adequate operating performance, neutral business profile, and appropriate enterprise risk management.
AM Best says that it expects the new North American subsidiary to operate with a high degree of integration with its parent, including capital and retrocession support, as well as the sharing of branding and core operational functions, including underwriting, pricing, marketing, reserving, investment and risk management.
Gene Zhang, CEO of Peak Re NA, said: “Our vision for Peak Re North America is built on a foundation of client-centricity. We are committed to delivering tailored solutions that address the unique needs of each client while aligning with the dynamic requirements of the North American market. By being closer to our clients, we can truly understand their challenges and add value to their businesses.”
“Peak Re North America will operate as an integral part of the Peak Re group, leveraging shared expertise across underwriting, risk management, and analytics. This ensures we can deliver seamless and innovative reinsurance solutions, further strengthening the trust we’ve built with our clients globally,” added Hahn.
“Our mission is to strengthen Peak Re’s presence in North America by focusing on building long-term partnerships and delivering tailor-made solutions that address the evolving needs of the market. With the support of Peak Re’s global resources and expertise, we aim to contribute to the resilience and growth of the North American reinsurance sector,” concluded Zhang.
