A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" to Peak Reinsurance AG (Peak Re AG) (Switzerland). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Peak Re AG's sound business plan, supportive risk-based capitalization and retrocession support provided by its parent company, Peak Reinsurance Company Limited (Peak Re). Peak Re established a Zurich branch office in September 2015. In December 2016, the Swiss Financial Market Supervisory Authority (FINMA) awarded Peak Re AG a subsidiary license to underwrite non-life reinsurance business. A.M. Best expects Peak Re AG to operate with a high degree of integration with Peak Re, which will include retrocession support and the sharing of branding and core operational functions such as underwriting, pricing, marketing, reserving and risk management.
Positive rating actions are not likely in the short term. Negative rating actions may occur if Peak Re's ratings are downgraded, or if A.M. Best determines that Peak Re AG's level of importance to Peak Re has diminished materially.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best's Credit Ratings
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Vivian Cheung, +852 2827 3421
Senior Financial Analyst
Christie Lee, +852 2827 3413
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations