Hong Kong-based reinsurer, Peak Reinsurance Company Ltd (Peak Re), is looking to expand and diversify globally in terms of both market presence and business lines.
Peak Re’s portfolio is mostly in the Asia-Pacific region, but the reinsurer is taking steps to expand into other global regions, participating in reinsurance renewals as it seeks to diversify its portfolio in the face of a challenging reinsurance market environment.
Founded quite recently in 2010, Peak Re is backed by shareholders Fosun International Limited and International Finance Corporation. According to the company, developing diversification in underwriting is important, but entering new markets will take time.
Peak Re chairman Wang Qunbin, commented on Peak Re’s diversification efforts: “In 2016, we made further progress towards building a portfolio with a sound diversification by line of business and geography.
“While we have a portfolio that is diversified, it is still focused on Asia Pacific, with 64% from Asia Pacific and 36% from the rest of the world.”
Peak Re is also looking for acquisitions to expand and move further up the capital value-chain, as shown by its acquisition of Caribbean-based NAGICO.
“In 2016, we also completed the acquisition of a 50% stake at NAGICO, a leading Caribbean insurer which provides us with access to attractive and diversifying insurance risks for our book of business,” Wang added.
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