AM Best Assigns Credit Ratings to Peak Reinsurance North America Ltd.
HONG KONG, May 27, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" to Peak Reinsurance North America Ltd. (Peak Re NA) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Peak Re NA's inclusion as a member of the lead rating unit, Peak Reinsurance Company Limited (Peak Re) (Hong Kong), which on a consolidated basis has a balance sheet strength that AM Best assesses as very strong, as well as an adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, the ratings factor in the neutral impact from the ultimate parent, Fosun International Holdings Ltd.
Peak Re NA is domiciled in Bermuda and is licensed as a Class 3B insurer effective 18 February 2025. The company is a wholly owned subsidiary of Peak Re, an Asia based global reinsurer with diversified non-life and life portfolios.
Peak Re NA will mainly underwrite U.S. motor and casualty reinsurance business, which was previously underwritten by Peak Capital Ltd., a Bermuda-based managing general agent and insurance-linked securities investment specialist wholly owned by Peak Re. AM Best expects Peak Re NA to operate with a high degree of integration with Peak Re, including capital and retrocession support, as well as the sharing of branding and core operational functions, such as underwriting, pricing, marketing, reserving, investment and risk management. The addition of Peak Re NA to Peak Re as a group member also reflects its contribution to Peak Re's growth and diversification strategy.
As a group member, Peak Re NA's ratings will move in tandem with that of Peak Re. A change in AM Best's perception regarding the level of Peak Re NA's strategic importance to Peak Re also could impact the company's ratings.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Contacts
Stephanie MiSenior Financial Analyst+852 2827 3402stephanie.mi@ambest.com James ChanDirector, Analytics+852 2827 3418james.chan@ambest.com Christopher SharkeyAssociate Director, Public Relations+1 908 882 2310christopher.sharkey@ambest.com Al SlavinSenior Public Relations Specialist+1 908 882 2318al.slavin@ambest.com
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