Peak Reinsurance wins big at Insurance Asia Awards 2024

Securing the Asian Reinsurer of the Year - Gold and CEO of the Year, Peak Re highlights its innovative approach and robust performance in a challenging year.

Peak Reinsurance Company Limited (Peak Re) claimed top honours at the Insurance Asia Awards 2024, receiving the prestigious Asian Reinsurer of the Year - Gold and seeing its CEO, Mr Franz-Josef Hahn, awarded CEO of the Year. These accolades acknowledge the company's outstanding contributions to reinsurance, particularly in supporting the middle-class communities of Emerging Asia through innovative and effective reinsurance solutions.

In a year fraught with economic uncertainties such as high inflation and interest rates, coupled with significant losses from natural disasters, Peak Re stood out for its resilience and strategic decision-making. The company recorded its best-ever annual net profit of USD 200 million, achieved through a highly competitive property and casualty combined ratio of 87% and a healthy investment yield of 3.8%. These impressive results are based on the latest IFRS 9 and IFRS 17 accounting standards.

Client-centricity remained a cornerstone of Peak Re's strategy. The company was exemplary in settling 86% of its reinsurance claims within ten days, on average, between 2021 and 2023, demonstrating its commitment to efficient and responsive customer service. To enhance operational efficiency and support its diverse clientele, Peak Re strengthened its IT infrastructure and maintained a multicultural and inclusive workforce, with 45% of its functional leadership roles occupied by women.

Innovation is deeply embedded in Peak’s culture. In 2022, the company sponsored Hong Kong’s first 144A catastrophe bond, providing substantial protection against typhoon risks in Japan. This followed earlier initiatives like launching Asia’s first reinsurance sidecar in 2018 and the inaugural public hybrid securities by a Hong Kong-based reinsurer in 2020. These innovations underscore Peak Re’s role as a pioneer in the reinsurance sector, continually pushing the boundaries of financial protection.

Meanwhile, the CEO of the Year award highlighted Mr Franz-Josef Hahn's transformative leadership at Peak Re. Co-founding the company in 2012, Mr Hahn has been instrumental in steering it through a decade marked by numerous industry upheavals, including the pandemic and rising natural catastrophe losses. Under his guidance, Peak Re has not only survived these challenges but has thrived, achieving record-breaking financial outcomes.

Mr Hahn's leadership extends beyond corporate success; he actively contributes to the financial and insurance community in Hong Kong. He holds positions such as the Honorary Secretary of the Hong Kong Insurance Complaints Bureau and membership in the International Insurance Society’s Executive Council. He is also a member of the Hong Kong Academy of Finance and the Geneva Association. His advocacy for climate resilience and sustainable business practices is evident in his support for the Hong Kong Insurance Industry Climate Charter and collaboration with local NGOs to promote decarbonisation.

The recognition at the Insurance Asia Awards 2024 is a testament to Peak Re's commitment to innovation, client-centricity, and sustainable business practices. As the company continues to invest in its vibrant Hong Kong headquarters and foster a supportive environment for its staff and clients, its future in the reinsurance industry looks increasingly promising. Under the steadfast leadership of Mr Hahn, Peak Re is well-positioned to continue its trajectory of growth and influence in Asia and beyond.

The Insurance Asia Awards is presented by Insurance Asia Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's significant impact on its customers with exceptional products, services, and solutions in the insurance industry, please contact Julie Anne Nuñez at julie@charltonmediamail.com.