Peak Re percent had a net underwriting profit of $8.7m for the full year 2015, the reinsurer has announced.
The combined ratio dropped into profit, falling by 4.4% to come in at 96.8%, down from 101.2% in the first quarter of 2015.
Net income at the Hong Kong reinsurer grew by 42% to $59.2m “despite a challenging investment environment”.
Gross written premium grew 102% to reach $582.7m for 2015, the company said.
The reinsurer has grown its business in its core Asia Pacific market, taking bigger shares of business; the region represents 58.2% of its book of business.
Now three years old, Peak Re has also grown its European and Americas operations, while adding life and casualty segments.
“2015 was a successful year for Peak Re. We demonstrated the validity of our lean and efficient business model by significantly growing our book of business in a tough market environment. Peak Re delivered strong results on all fronts,” said Franz Josef Hahn, Peak Re’s CEO (pictured).
“Our premiums doubled, which testified the strengthening of our client franchise, both by expanding geographically and line of business, as well as developing larger shares and new business from existing clients.
“In addition, we started to replicate our successful Asia Pacific market approach in Europe and the Americas, by building our Zurich branch and our strategic investment of 50% stake into Caribbean insurer, Nagico,” said Hahn.
He noted that the Nagico transaction, first announced in July 2015, is still “pending final regulatory approvals”.
Peak Re was established in January 2013, with capital of $550m, by Franz Hahn and Eckart Roth; Hahn is chief executive and Roth is chief risk officer.
Peak Re’s equity backers are Chinese investment conglomerate Fosun International, which also recently bought Ironshore, with an 85.1% stake, and the International Finance Corporation (IFC), part of the World Bank, which has a 14.9% stake."This company has been set up to focus on overcoming the appallingly low level of insurance in Asia Pacific,” Hahn told Reactions at the time.
"It shouldn't be this way, but of course it means we have that niche,” he added.