Peak Reinsurance Company has handed its founder a strong farewell. The Hong Kong-based reinsurer earned $189.5 million in 2025, beat its financial targets for a third year running, and just weeks later swapped co-founder Franz-Josef Hahn for industry veteran Victor Kuk (pictured above) at the top of the house.
The result extends a hot streak across Asia for the Fosun-backed reinsurer, which made $200 million in 2023 and $187 million in 2024.
Gross written premiums under IFRS 4 surged 25% to $2.20 billion. Reinsurance revenue jumped 32.8% to $1.54 billion. The reinsurance service result rose 12.7% to $162.9 million, and the contractual service margin swelled 36.1% to $200.6 million.
Underwriting held up. The property and casualty combined ratio was 87.9%, slipping from 84% on weakness in short-term health. Strip that out and it lands near 82.6%, comfortably below the 88.5% global reinsurance average that Aon reported for 2025.
Net assets climbed 17.1% to $1.68 billion. Assets under management grew 16.5% to $3.88 billion. Return on equity came in at 14%, well above the 11.3% weighted average AM Best calculated for its Asia reinsurance composite in 2024. Solvency firmed to 190%.
Peak Re paid an inaugural $30 million dividend and raised $350 million in perpetual subordinated capital at a 5.625% coupon, drawing oversubscribed demand.
Hahn became Special Advisor on April 17 after nearly 15 years running the company. Kuk took over three days later.
Read more: Peak Re announces CEO transition
Kuk has said he wants to "strengthen client partnerships and capture new opportunities" as climate risk and technology reshape the market. Chairman Vincent Li said the new CEO would guide Peak Re into its next chapter of profitable growth.
The private equity money agrees. KKR managing director Bing Gu publicly backed the handover. The firm took an 11.27% stake in the fourth quarter alongside Quadrantis Capital with 1.80%, buying out Prudential Financial's 13.07% holding. Fosun International still controls 86.71%.
Peak Re bagged a reinsurance branch license in India's GIFT City and stood up Peak Re North America, a Bermuda-based Class 3B carrier. India GWP soared 139%.
Bermuda grew 14.1% in year one. Asia-Pacific now contributes 54.6% of premiums, the Americas 26.2% and EMEA 19.2%.
The push abroad is no accident. AM Best's Christie Lee has said Asia-Pacific reinsurers are "significantly expanding abroad" to offset slower growth in China and demographic strain in Japan and South Korea.
AM Best affirmed its A- rating in September. Moody's upgraded Peak Re to A3 in April.
