Peak Re launches Bermuda unit to target US casualty market
Hong Kong-based reinsurer Peak Re has launched a Bermuda-based reinsurance subsidiary.
Licensed as a Class 3B insurer in Bermuda, Peak Re North America (NA) will mainly underwrite US motor and casualty reinsurance business, the company said, leveraging its casualty reinsurance expertise and resources.
Establishing a new reinsurance arm in Bermuda with a US focus reflects Peak Re’s commitment to expanding its global footprint and delivering tailored reinsurance solutions to the North American market, the company said.
The reinsurer’s US motor and casualty reinsurance business was previously underwritten by another wholly owned Bermuda-based subsidiary, managing general agent and insurance-linked securities investment specialist Peak Capital.
AM Best has assigned a financial strength rating of A- (excellent) and a long-term issuer credit rating of “a-” to Peak Re NA, reflecting its integration with Peak Re.
Peak Re hailed the establishment of Peak Re NA as “a strategic milestone” in the company’s diversification efforts.
“The launch of Peak Re North America is a significant step in our group’s global growth strategy,” said Franz-Josef Hahn (pictured), group CEO of Peak Re. “This new entity allows us to better serve our clients in North America while reinforcing our position as a global reinsurer. Peak Re NA will play a vital role in diversifying our portfolio, ensuring we remain agile and innovative in meeting the evolving needs of the market.”
“Peak Re North America is a testament to our commitment to delivering tailored solutions that meet the specific needs of the North American markets,” added Gene Zhang, CEO of Peak Re North America. “With the extensive support of Peak Re’s global expertise and resources, we are well-positioned to provide innovative and reliable reinsurance solutions to our clients across casualty lines.”
“Our vision for Peak Re NA is to not only strengthen our presence in North America but also to contribute to the market’s long-term resilience,” continued Hahn.
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