AM Best assigns A-minus rating to newly-licensed Peak Re North America
By Michael Loney
May 28 - (The Insurer) - AM Best has assigned a financial strength rating of A-minus (excellent) and a long-term issuer credit rating of a-minus to Peak Reinsurance North America, a Bermuda-based subsidiary of Hong Kong-based reinsurer Peak Re.
The ratings reflect Peak Re NA’s inclusion as a member of lead rating unit Peak Re, which on a consolidated basis has a balance sheet strength that AM Best assesses as very strong.
The ratings also factor in the neutral impact from ultimate parent Fosun International Holdings.
Peak Re NA is domiciled in Bermuda and is licensed as a Class 3B insurer effective 18 February 2025.
AM Best said that Peak Re NA will mainly underwrite U.S. motor and casualty reinsurance business, which was previously underwritten by Peak Capital Ltd, a Bermuda-based managing general agent and insurance-linked securities investment specialist wholly owned by Peak Re.
“AM Best expects Peak Re NA to operate with a high degree of integration 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 rating agency said.
The ratings have a stable outlook.
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