Peak Re investment strengthens NAGICO as leading Caribbean insurer
Following its announcement in July last year, the transaction has received all the necessary regulatory and shareholders' approvals.
The investment provides NAGICO with attractive new growth opportunities throughout the Caribbean, adds financial strength which further solidifies and increases its underwriting capacity, and also provides additional value to its brand as one of strongest insurers throughout the Caribbean.
"We see this as a great security for NAGICO's clients, as it is a powerful partnership with a strongly capitalised international reinsurer," said Imran McSood Amjad, Chairman of the NAGICO Group.
"We look forward to Peak Re's contribution to NAGICO and our clients through effective reinsurance and stronger investment and asset management. NAGICO is well known for its outstanding service to clients and this is something echoed in Peak Re's profile. It will be a win-win partnership for everyone."
This strategic investment provides Peak Re with attractive growth prospects in the Caribbean region and is in line with the reinsurer's strategy to diversify its portfolio globally.
The acquisition also ties in with Peak Re shareholder International Finance Corporation's (IFC) strategy, which is committed to strengthening insurance industry development in emerging and developing countries and regions such as the Caribbean.
Franz Josef Hahn, Chief Executive Officer of Peak Re, said, "We are delighted that all regulatory approvals are now in place and that NAGICO can play a significant part in Peak Re's strategy moving forward. NAGICO is particularly well-suited for spreading our portfolio risk as its strong focus on the Caribbean provides us with broad access to a region to which we have had little exposure to date. I am confident that this acquisition will offer mutual benefits to both Peak Re and NAGICO, as well as our clients."
Peak Re recently announced an increased its shareholder funds by $100 million to $816.9 million to support its growth.
Peak Re's gross written premiums for the first half of 2016 were $274.4 million, a 54 percent increase, up from $177.7 million for the same period in 2015.
The Company is backed by Fosun International Limited, a leading investment group taking roots in China with a global foothold, and the International Finance Corporation ("IFC"), a member of the World Bank Group focusing on private sector development.
Peak Re is rated "A-" by A.M. Best, a leading international insurance industry credit rating agency.
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