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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.
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Prudential Financial Trends(141 articles)
Fosun Trends(21 articles)