Peak Re reports strong first year

Peak Reinsurance has reported a first-year after-tax profit of USD102.9 million for the 12 months ending December 31, 2013.

Gross written premium for the year was USD103.19 million, with total net assets of USD652.75 million.

The result was attributed to Peak Re’s growing property and casualty treaty reinsurance business and significant gains from investment income.

The company is operating across a range of Asian countries – it was recently granted a life reinsurance licence in Hong Kong – and also has operations in Australia and New Zealand.

Peak Re Chairman Wang Qunbin says the reinsurer has made a strong start in its first underwriting year.

“Reinsurance business plays a vital role in the world financial system, and according to our understanding of the global reinsurance market, we believe Peak Re will play an even larger role in the Asia Pacific market,” he said.