Peak Reinsurance North America Assigned Credit Ratings By AM Best

KUALA LUMPUR, May 28 (Bernama) -- Global credit rating agency, AM Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” to Bermuda’s Peak Reinsurance North America Ltd (Peak Re NA), with a stable outlook for both credit ratings (ratings).

In a statement, AM Best said the ratings reflected Peak Re NA’s inclusion as a member of the lead rating unit, Peak Reinsurance Company Limited (Peak Re), based in Hong Kong.

The credit rating agency considers its consolidated balance sheet strength to be very strong, supported by adequate operating performance, neutral business profile and appropriate enterprise risk management.

Additionally, the ratings take into account the neutral impact of Fosun International Holdings Ltd, the ultimate parent company.

Licensed as a Class 3B insurer in Bermuda since Feb 18, 2025, Peak Re NA will focus on underwriting United States motor and casualty reinsurance, previously handled by affiliated entity Peak Capital Ltd.

The company is expected to operate in close coordination with Peak Re, including capital and retrocession support, as well as the sharing of branding and core operational functions, such as underwriting, pricing, marketing, reserving, investment and risk management.

The addition of Peak Re NA to Peak Re as a group member also reflects its contribution to Peak Re’s growth and diversification strategy.

As a group member, Peak Re NA’s ratings will move in tandem with that/those of Peak Re. A change in AM Best’s perception regarding the level of Peak Re NA’s strategic importance to Peak Re also could impact the company’s ratings.

-- BERNAMA