News13 Nov 2017

Singapore:Peak Re receives licence from MAS

| 13 Nov 2017

Peak Reinsurance Company, the Hong Kong-based global top-43 reinsurer, has been authorised as a life and general reinsurer by the Monetary Authority of Singapore to carry on reinsurance business in Singapore with effect from 2 November 2017.

In a statement, Mr Franz-Josef Hahn, Chief Executive Officer of Peak Re, said: “Asia is our core region. Peak Re has already built a sizable presence in Asia’s mature reinsurance markets including Southeast Asia. Singapore is an important market in Asia and we continue to see attractive business opportunities to support our clients. This authorisation from Monetary Authority of Singapore will allow Peak Re to strengthen our business relationships in Singapore and deepen our client penetration.”

Peak Re looks forward to serving the Singapore reinsurance market with easier access and business process as a result of the authorisation granted.

Peak Re is headquartered in Hong Kong with shareholder funds of US$909 million as of 30 June 2017. It is rated “A-” by A.M. Best. The company is backed by the Chinese conglomerate Fosun International and International Finance Corporation, a member of the World Bank Group, which have respectively invested 86.93% and 13.07% in the company. Peak Re offers reinsurance services covering a range of lines across Asia Pacific, EMEA and the Americas, tailor-making risk transfer and capital management solutions to best fit clients’ needs.


 

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