Latest news with #PeakRe
South China Morning Post
3 days ago
- Business
- South China Morning Post
Hong Kong to offer incentives for catastrophe bond issuers, investors as it eyes hub status
The Hong Kong government will offer incentives to attract more issuers and investors to participate in catastrophe bonds in the city to help address growing climate risks. Advertisement 'Hong Kong is the best investment hub for catastrophe bonds because we have capital, financial infrastructure and all the professionals and brokers needed to support the issuance of these products,' said Clement Lau Chung-kin, executive director of policy and legislation at the Insurance Authority, on Friday. Catastrophe bonds, also known as Cat bonds, are insurance-linked securities used by insurers to transfer extreme risks to bond investors – usually pension funds, sovereign investors, family offices and other wealth managers. Since the government unveiled its Cat bond regulatory regime in 2021, seven deals have been completed, with issuers like the World Bank and Peak Reinsurance (Peak Re) raising a total of US$800 million. Insurance Authority's executive director of policy and legislation Clement Lau Chung-kin (left) with associate director of general business Ocean Chiu Wai-yeung. Photo: Enoch Yiu Hong Kong-based Peak Re in April issued its second Cat bond, raising US$50 million to cover earthquakes and typhoon risks in Japan, China and India. That followed a US$150 million issuance in June 2022 to cover typhoon risks in Japan. Advertisement Lau said he would like to see more mainland and international insurers use Hong Kong as a Cat bond issuance hub, noting that currently most of these bonds were issued by US firms in Bermuda.
Yahoo
6 days ago
- Business
- Yahoo
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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Stephanie MiSenior Financial Analyst+852 2827 James ChanDirector, Analytics+852 2827 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882
Yahoo
6 days ago
- Business
- Yahoo
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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Stephanie MiSenior Financial Analyst+852 2827 James ChanDirector, Analytics+852 2827 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
6 days ago
- Business
- Business Wire
AM Best Assigns Credit Ratings to Peak Reinsurance North America Ltd.
HONG KONG--(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.
South China Morning Post
30-04-2025
- Business
- South China Morning Post
Peak Re sells second catastrophe bond in boost for Hong Kong market
Peak Reinsurance (Peak Re) sold its second catastrophe bonds in three years to help deepen Hong Kong's capital market for securities that offer protection against damages caused by natural disasters globally. Advertisement The Hong Kong-based insurer raised US$50 million from the sale of 8 per cent 2028 notes through its special-purpose entity Black Kite Re to cover earthquakes and typhoon risks in Japan, China and India, it said in a statement on Tuesday. Black Kite earlier sold US$150 million of so-called Cat bonds in June 2022 to insure against typhoon risks in Japan. Cat bonds are insurance-linked securities used by insurers to transfer extreme risks to bond investors. The latest sale lifted the total amount raised by companies and supranational agencies to US$800 million since Hong Kong's government unveiled its regulatory regime and incentives in 2021. 'This transaction underscores our ability to pioneer innovative risk transfer solutions for the Asia-Pacific region,' said Franz-Josef Hahn, CEO of the Hong Kong reinsurer founded in 2012. 'By combining developed markets like Japan with emerging markets such as India and China, we have created a unique diversifier that strengthens resilience for our clients and their communities.' 28:31 Hong Kong flooded by 'once-in-a-century' rainstorm Hong Kong flooded by 'once-in-a-century' rainstorm The sale offers a timely reminder for the industry, given the inadequate protection in recent years. For example, only 10 per cent of the losses caused by extreme weather events in mainland China were insured, compared with a global average of 40 per cent, the National Financial Regulatory Administration said last year.
