AM Best affirms ratings of Peak Re and its subsidiaries

AM Best has affirmed the financial strength rating of “A-” (Excellent) and long-term credit rating of “a-” (Excellent) for Peak Re (Hong Kong) and its subsidiaries Peak Reinsurance AG (Switzerland) and Peak Reinsurance North America Ltd (Bermuda). The outlook for both ratings is stable.

AM Best's decision reflects Peak Re’s strong balance sheet, adequate operating performance, neutral business profile, and sound risk management. AM Best also notes the neutral influence of its parent company, Fosun International Limited, on the group's credit profile.

Under the IFRS 17 and IFRS 9 accounting standards, the Hong Kong-based reinsurer closed the 2024 financial year with a net profit of 187 million USD. Its non-life combined ratio improved during the year, supported by a decline in claims.