- Insurance Newslink drops in for a Guidewire update
- LMA says 80% of Lloyd’s managing agents would “like to see Insurance Linked Securities (ILS) products become a permanent fixture in the re/insurance market”
- PPL exceeds first quarter adoption targets
- esure Board reaches agreement with Bain Capital over all cash offer-interim profit impacted by adverse weather but growth continues
- Admiral produces strong interim result and growth all round
- CII and FCA launching series of nationwide professional focus CPD conferences for members working in the insurance profession
- Insurance Europe publishes response to the European Commission’s consultation on its proposed InvestEU programme expired
- Tremor Technologies announces that its programmatic risk placement marketplace is fully operational with significant buyers and sellers of re/insurance protection in place expired
- Continental General(CGIC) to acquire Humana’s long-term care insurance business, KMG America Corporation expired
- Talanx Chairman Leue "very satisfied" at half way expired
- SOBC DARAG forms joint venture in US-first acquisition announced expired
- Starstone announces a new casualty consortium targeted at the Australian and New Zealand markets expired
14th February 2018
Prudential Financial to purchase stake in Peak Re
Peak Reinsurance Company has announced that a wholly-owned subsidiary of US-headquartered Prudential Financial(PFI), has signed definitive agreements to purchase a minority stake in Peak Reinsurance Holdings the sole and direct shareholder of Peak Re via an issuance of new shares.
The transaction marks a further step in the long-term strategic partnership between Fosun International, the largest beneficial shareholder of Peak Re, and PFI(which does business as Pramerica in selected countries outside the US), one of the largest insurance groups globally. Fosun and PFI also jointly own and operate a life insurance joint venture in China.
As a rapidly growing international reinsurer based on best in class underwriting and risk management, Peak Re will benefit from this investment to support its continued growth.
Franz-Josef Hahn, ceo of Peak Re, comments “We want to thank Fosun and International Finance Corporation for supporting this successful venture and are pleased to welcome PFI as a new investor as we continue to build Peak Re into a leading global reinsurer.”
In the run-up to the Transaction, the shares of Peak Re Holdings held by International Finance Corporation(IFC), a member of the World Bank Group, were purchased by Fosun, in view of IFC’s continuing focus on emerging markets and Peak Re’s emergence as a globally-diversified reinsurer with strong positions in developed markets including the Americas and Europe.
The final consideration is subject to closing adjustments. Following the closing of the Transaction, Fosun and PFI, will hold 86.9% and 13.1% of Peak Re via Peak Re Holdings, respectively.
The Transaction is subject to customary closing conditions and completion of regulatory procedures with relevant regulators.
Peak Re (13 articles)
Prudential Financial Trends(141 articles)
Fosun Trends(21 articles)