ICMIF Supporting Member Peak Re has been named “Asian Reinsurer of the Year – Gold” at the Insurance Asia Awards 2023.

Peak Re says the award is testament of its achievements over the past decade and a recognition of the company’s contribution to developing the insurance and reinsurance industry in the Asia-Pacific region. Notably, Peak Re sponsored the first 144A cat bond placed in Hong Kong through a special-purpose insurer in June 2022, providing multi-year protection against Japan typhoon risks. This is the third financial innovation sponsored by Peak Re, after launching Asia’s first reinsurance sidecar in 2018 and being the first Hong Kong-based reinsurer to issue public hybrid securities in 2020.

Moreover, Peak Re says the award citation highlights how it has successfully deployed a multi-pronged approach to respond to the dislocation of the global reinsurance market in 2022, including actions to mitigate the impacts of rising interest rates and heightened market volatility. Overall, the company weathered the challenges of the last two years with agility and finesse, maintaining uninterrupted services for nearly 600 clients in 58 world markets.

“It is a strong endorsement of Peak Re’s business approach to long-term partnership and technical underwriting,” said Piotr Ignacy Nowakowski, P&C Chief Underwriting Officer, who represented the company to receive the award at the Awards Dinner in Singapore on 27 July 2023. “We are very honoured to be recognised as the best Asian reinsurer at this prestigious Asian insurance awards event. And the honour goes to every of the 120 plus staff of Peak Re, whose dedication, perseverance, and professionalism have underpinned the success of the company.”

Franz-Josef Hahn, Chief Executive Officer of Peak Re, said: “I would like to thank the judges and the organiser for this great honour. I am proud of the work we do as an Asia-based global reinsurer and the impact we have had on our clients. This award is a strong motivation for us to do better.”