Peak Re clinches accolade at HKB National Business Awards 2021
Its innovative and tailored solutions to address business challenges
Peak Reinsurance Company Limited, a Hong Kong-based global reinsurance company, was recognised at the Reinsurance category in the latest edition of the HKB National Business Awards for creating more dynamic and innovative solutions to clients and addressing risks consistently and appropriately to build trust. As a global reinsurer, it is adapting quickly to the changing risk landscape.
The SARS outbreak in 2002/2003 led to better preparation of the insurance industry, and Asia is comparatively better prepared for pandemics based on experience with several outbreaks. It is important that re/insurance companies, which are at the heart of the risk management industry, can learn from each event to better prepare for future known risks. Given the increased awareness of mortality and health risks, demand for health and other insurance products in emerging Asia continues to grow, providing growing opportunities for reinsurers.
Peak Re is well-positioned to take advantage of this opportunity. They provide reinsurance solutions focused on the emerging middle class in Asia, with more than half of our business coming from Asia and the rest from around the world.
Tirelessly working with their clients, Peak Re provided its risk and underwriting expertise to evaluate, structure, and price a tailored insurance solution that aided the much-needed rollout of COVID-19 vaccines in an Asian Market. The reinsurance solution provides insurance coverage against severe side effects after taking the vaccine.
This winner’s outstanding and unique project has been made successful, thanks to its underwriting efficiency and agility, showcasing Peak Re’s innovative internal practices and strategies.
Established in 2012 and headquartered in Hong Kong, Peak Re offers both Property & Casualty (P&C) and Life & Health (L&H) reinsurance. It strives to provide clients around the globe with innovative and tailored reinsurance, risk management, and capital management solutions.
Despite the headwinds of a pandemic and an economic recession, Peak Re enjoyed eight consecutive years of stable growth and is reputed for its deep client partnership approach and has successfully built a robust business portfolio that is increasingly diversified across clients, business lines, and geographies. In 2020, Peak Re ranks 29th in S&P Global Rating’s Top 40 Global Reinsurance Groups 2020 in terms of net reinsurance premiums written.¹
In 2020, Peak Re reported an increase in gross written premiums to USD1,966.3 million, up 18% from 2019. Net profit reached USD87.1 million, up 150% year-on-year and total equity grew to USD1,487 million . The company’s strong capital position will enable them to capture growth opportunities ahead.
Peak Re is also hailed as the first Hong Kong-based global reinsurer to issue publicly-listed perpetual subordinated guaranteed capital securities. The company also maintained its unrivalled reputation for settling claims promptly and had continued to uphold a high standard of paying out 90% of claims within five days—a record they have been keeping for the past six years. It’s through this that they have allowed insurance clients so they can also reimburse their policyholders quickly.
The HKB National Business Awards 2021 is presented by Hong Kong Business to recognise Hong Kong-based firms for a recent project or service made for or with a client that highlights their successful execution of innovative internal practices or strategies.
¹Source: S&P Global Ratings' Top 40 Global Reinsurance Groups 2020 by Net Reinsurance Premiums Written