Peak Re expands into North America with new Bermuda-based subsidiary
Peak Reinsurance Company has announced the establishment and operation of its subsidiary, Peak Reinsurance North America (Peak Re NA), based in Bermuda.
This new entity reflects Peak Re’s commitment to expanding its global footprint and delivering tailored reinsurance solutions to the North American market. In conjunction with this announcement, AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Peak Re NA. The outlook for these ratings is stable, reflecting the company’s integration into Peak Re’s broader group strategy and its contribution to Peak Re’s growth and diversification objectives.
Peak Re said that the establishment of Peak Re NA marks a strategic milestone in the company’s ongoing diversification efforts.
Licensed as a Class 3B insurer in Bermuda, Peak Re NA will focus on underwriting casualty reinsurance, leveraging the Peak Re group’s extensive expertise and resources in casualty reinsurance. Class 3 insurers are listed as captive insurers on Bermuda.
“The launch of Peak Re North America is a significant step in our group’s global growth strategy,” said Franz-Josef Hahn (pictured), group chief executive 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.”
Bermuda, recognized as a global hub for reinsurance, gives Peak Re NA strategic advantages, including proximity to clients and access to a well-regulated and innovative market. Peak Re NA will operate as an integral member of the Peak Re group, ensuring seamless collaboration across underwriting, pricing, marketing, and risk management functions.
“Peak Re North America is a testament to our commitment to delivering tailored solutions that meet the specific needs of the North American markets,” said Gene Zhang, chief executive 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.”
Peak Re NA is part of the Peak Re group’s broader strategy to address the evolving needs of its clients while contributing to the sustainability of the North American reinsurance industry. By focusing on casualty reinsurance, Peak Re aims to provide innovative and reliable solutions that meet the demands of a highly dynamic market.
“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,” added Franz-Josef Hahn.
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