FOSUN INTERNATIONAL LIMITED Hong Kong, 23 July 2015 - Peak Reinsurance Company Limited ("Peak Re"), the Hong Kong based global reinsurer, is pleased to announce that it has reached definitive agreements to acquire a 50% stake in NAGICO Holdings Limited ("NAGICO"), a leading Caribbean insurance group.
The transaction is subject to the receipt of all required regulatory approvals and other customary closing conditions.
Peak Re has started to venture into non-Asian markets in the past year in accordance with its strategic objective to diversify its portfolio. This transaction with NAGICO complements Peak Re's global strategy.
Franz Josef Hahn, Chief Executive Officer of Peak Re, commented: "NAGICO is a well-established leading P&C insurer in the Caribbean market. This investment provides us with attractive growth prospects in this region. With the International Finance Corporation (IFC), a member of the World Bank Group, as one of our shareholders, Peak Re shares its enthusiasm in supporting the insurance industry in developing areas of the world such as the Caribbean. We look forward to working closely with NAGICO and sharing our reinsurance and asset management capabilities."
With over 33 years of operating history, NAGICO offers personal and commercial property and casualty products in the Dutch, French and most of the English speaking Caribbean. NAGICO has leading market positions in several territories including St. Maarten, its headquarters.
Imran McSood Amjad, Chairman of NAGICO Group, added: "NAGICO is excited to have
Peak Re as a strategic partner and shareholder. Peak Re is a fast growing global reinsurer with solid financial strength and extensive experience in the Asia Pacific market. This strategic partnership allows us to exchange knowledge and capabilities in our respective regions, gain access to like minded professionals and experts in the insurance realm as we would become a part of the Fosun Group and thus enable us to offer and deliver additional value to our clients. We look forward to a long-term and mutually beneficial relationship as we continue our quest to become one of the largest and most trusted insurers in the Caribbean."
About Peak Re
Peak Re is headquartered in Hong Kong with an initial capital base of US$550 million. It is authorized by the Office of the Commissioner of Insurance of Hong Kong and is rated "A-" by A.M. Best, a leading international insurance industry credit rating agency.
The Company is backed by Fosun International Limited (HK.656) and the International Finance Corporation, member of the World Bank Group, who have respectively invested 85.1% and 14.9% in the Company.
Peak Re offers reinsurance treaty services covering a range of lines across Asia Pacific region, EMEA and the Americas, tailor-making risk transfer and capital management vehicles to best fit clients' needs.
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