Peak Re posts US$19.5m profit for 2018May 10 2019 by InsuranceAsia News Staff
Peak Re’s gross premium income for 2018 climbed to US$1.38 billion compared with US $1.1 billion in 2017; with total assets climbing to US$3.75 billion.
The firm’s net profit was US$19.5 million compared with a technical combined operating ratio of 98.3%.
“2018 is a defining year for Peak Re,” said Franz Josef Hahn, chief executive of Peak Re. “In spite of the multiple severe natural catastrophes, including Japan’s [typhoons] Jebi and Trami and two significant hurricanes in North America — Florence and Michael — and wildfires in California, Peak Re managed to achieve remarkable results.”
The reinsurer sad it now settles more than 90% of claims in less than five days.
The company completed its first full year of business in India, with additional support from Hong Kong’s signing of a double taxation agreement with India, which allows the company to write business profitably from the city.
The firm said it shored up its strategy and underwriting policies in China, leading to a “substantial growth of its business in the region”. In 2018, the China Banking and Insurance Regulatory Commission and Hong Kong’s Insurance Authority reached an agreement to give equivalent status to reinsurers in Hong Kong, which will help Peak Re’s business in China.
The reinsurer also opened a representative office in Japan last year.
In addition, Peak Re launched the first reinsurance sidecar transaction in Asia last December. The transaction successfully raised US$75 million of additional capital from a group of high-quality global investors, representing an important milestone in the Hong Kong and Asian (re)insurance market.
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