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Hong Kong: Peak Re sets up subsidiary in Zurich

Source: Asia Insurance Review | Feb 2017

Hong Kong-headquartered global top-50 reinsurer, Peak Re, has been granted approval by the Swiss Financial Market Supervisory Authority (FINMA) to establish a subsidiary in Zurich.
   The new unit, called Peak Reinsurance AG (Peak Re AG), was licensed to accept reinsurance business from 1 January 2017, a company statement said. It focuses on providing reinsurance solutions on a multi-line and long-term basis to clients in European markets. 
   Mr Franz-Josef Hahn, Executive Chairman of Peak Re AG, said: “This is a major milestone for Peak Re, as Europe is an important market for us. In order to enhance our proximity and offerings to our European clients, we have started to expand our footprint in this market by setting up an office in Zurich in September 2015. With the new Peak Re AG, we further emphasise our commitment to our clients in Europe.”
   Peak Re AG is capitalised on the basis of the Swiss Solvency Test and will show a 200% coverage ratio of the solvency requirement. Hence, it will have full Solvency II equivalence. The capital and support of Peak Re AG comes from the parent company Peak Re in Hong Kong, which recently secured a US$100 million capital increase and whose shareholder funds stand at US$816.9 million.
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