Peak Re launches North American subsidiary in Bermuda to expand global reach

Peak Re has launched a new subsidiary in Bermuda, marking what the reinsurer calls a key step in the Hong Kong-based reinsurer’s international expansion and its strategic push into North America’s casualty reinsurance market.

The newly formed Peak Reinsurance North America (Peak Re NA) has been licensed as a Class 3B insurer and will focus on underwriting casualty business.

Rating agency AM Best has assigned the entity a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-”, both with a stable outlook.

Franz-Josef Hahn (pictured), group CEO of Peak Re, said the launch represented a “significant step” in the company’s global growth plan.

“This new entity allows us to better serve our clients in North America while reinforcing our position as a global reinsurer,” Hahn said.

“Peak Re NA will play a vital role in diversifying our portfolio, ensuring we remain agile and innovative in meeting the evolving needs of the market.”

The new platform will operate as an integrated part of the wider Peak Re group, with close coordination across underwriting, pricing, marketing and risk management functions, the company said.

Its Bermuda location places it within one of the world’s leading reinsurance hubs, with access to a strong regulatory environment and proximity to key North American clients.

Gene Zhang, CEO of Peak Re North America, said the firm aimed to deliver “tailored solutions” for the region’s casualty reinsurance sector.

“With the extensive support of Peak Re’s global expertise and resources, we are well-positioned to provide innovative and reliable reinsurance solutions to our clients across casualty lines,” Zhang said.

The move forms part of Peak Re’s broader strategy to strengthen market resilience and sustainability, according to Hahn.

“Our vision for Peak Re NA is to not only strengthen our presence in North America but also to contribute to the market’s long-term resilience,” he added.