Peak Reinsurance Company Limited (“Peak Re”), a global reinsurer based in Hong Kong, is pleased to announce that AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-“ of Peak Re and its Zurich-based subsidiary, Peak Reinsurance AG (“Peak Re AG”). The outlook of the credit ratings of both companies is stable.
2018 has been a significant year for Peak Re. After completing five full years of operation, the international reinsurer from Hong Kong has continued to reach new heights:
- It has become the 36th largest reinsurer worldwide according to AM Best, leaping from the 43th position in 2017;
- It has been awarded the Asian Reinsurer of the Year for the third consecutive year by Asian Banking and Finance;
- It has opened a representative office in Japan, further strengthening its foothold in its target market of Asia;
- On 9 December, the company announced that it has launched Asia’s first sidecar transaction, which represents a significant milestone in the Asian reinsurance market.
For more information about the ratings, please see the AM Best press release.