Today: February 22, 2018, 9:35 am
  
Business

A.M. Best Comments on Credit Ratings of Peak Reinsurance Company Limited and Its Subsidiary Following Announced Transaction

PR-Inside.com: 2018-02-13 17:03:03

A.M. Best Comments on Credit Ratings of Peak Reinsurance Company Limited and Its Subsidiary Following Announced Transaction

A.M. Best
Vivian Cheung, +852 2827 3421
Senior Financial Analyst
vivian.cheung@ambest.com
or
Christie Lee, +852 2827 3413
Director, Analytics
christie.lee@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

A.M. Best has commented that the Credit Ratings (ratings) of Peak Reinsurance Company Limited (Peak Re) (Hong Kong) and its reinsurance subsidiary, Peak Reinsurance AG (Peak Re AG) (Switzerland), remain unchanged following the announcement that a wholly owned subsidiary of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU] has signed definitive agreements to purchase a 13.1% stake in Peak Reinsurance Holdings Limited (Peak Re Holdings) (Bermuda), the sole and direct holding company of Peak Re, via the issuance of new shares (the transaction).

Subsequent to signing the definitive agreements in connection with the transaction, Fosun International Limited (Fosun) had indirectly acquired the entire stake in Peak Re Holdings held by International Finance Corporation, which has temporarily increased Fosun’s ownership of Peak Re Holdings to 100% before the closing of the transaction. While the final consideration is subject to closing adjustments, A.M. Best expects the transaction to increase Peak Re Holding’s total capital. The transaction is pending regulatory procedures and other customary closing conditions. Once these occur, Fosun and PFI will indirectly hold 86.9% and 13.1% of the shares in Peak Re, via Peak Re Holdings, respectively.

While the impact to Peak Re’s balance sheet strength is expected to be positive, A.M. Best expects that the new capital injected by PFI through this transaction will be used to support the continued business growth and maintain a risk-adjusted capitalization supportive of Peak Re’s current ratings. Peak Re also may benefit from PFI’s global insurance expertise and profile in the long run.

A.M. Best will further assess the impact on the rating fundamentals and strategic direction of Peak Re and its subsidiaries following the closing of the transaction.

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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper [..].

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Press Information


Published by
Hossam Abdel-Kader
+43 1 9582319
e-mail
www.pr-inside.com/



# 741 Words
Related Articles
More From The Author
Auriant Mining AB (publ.) announces the successful [..]
As part of its ongoing programme to optimise its asset base, Auriant Mining AB (publ) confirms it has sold mining [..]
Yara and Arab Potash Company enter into [..]
Oslo, 13 February 2018: Yara and Arab Potash Company have entered into a Memorandum of Understanding to explore collaboration on [..]
Repeat: Neo Industrial Plc: Correction to Financial [..]
NEO INDUSTRIAL PLC                              FINANCIAL STATEMENT RELEASE                            13.2.2018  [..]
Nitinat Announces Private Placement
TORONTO, ONTARIO--(Marketwired - Feb 13, 2018) - Nitinat Minerals Corp. (the "Corporation") (TSX VENTURE: NZZ)(FRANKFURT: 04U1) [..]
New CFO joins Globecomm Executive Team
HAUPPAUGE, N.Y., Feb. 13, 2018 (GLOBE NEWSWIRE) -- Globecomm today announced Mr. Jeff Garte has joined their executive team as [..]
 
More From Business
Buy Olympic Bars for Powerlifting, Weightlifting & [..]
Established in 1942, the Australian Barbell Company is Australia’s leading specialist manufacturer and supplier of weight lifting [..]
Buyers Agency Albion Avenue Has Great Options [..]
Real estate experts say the property market in Sydney and Melbourne peaked in 2017 and judging by recent auction and [..]
The Secret of Truedek’s Strength
An article in a business magazine in the 1970’s gave an example of the difference between Government and Private Enterprise. [..]
New Asbestos Legislation Deadline April 2018
In 2015 a new health and safety legislation came into effect, calling all PCBUs (Person Conducting Business or Undertaking) to [..]
Smart & Practical – Kohler Introduces Torsion [..]
Kohler Australia has introduced the latest European designed Torsion Shower doors that are both practical and beautiful. The [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.