Announcement of Reinsurance Arrangements

21 Sep Announcement of Reinsurance Arrangements

Trade Guaranty + Surety Ltd “TG+S” announces that it has entered into a proportional reinsurance agreement with Peak Re Ltd of Hong Kong, with effect from the 1st of August 2017, in respect of all bonds accepted and underwritten by TG+S.

Under this proportional agreement TG+S will retain 20% and Peak Re 80% of each bond written.

TG+S is delighted to commence this new agreement with a regionally based company which was licensed by the Office of the Commissioner of Insurance, Hong Kong in December 2012 to provide capacity to the Asia Pacific region.

The shareholders of Peak Re are Fosun International Ltd (86.93%) and International Finance Company – part of World Bank Corporation (13.07%).

Peak Re had shareholder funds of USD 841.1m at 31st December 2016 and have an A.M. Best Company rating of “A-” In September 2016 was named as a Global Top 50 Reinsurance Company by A.M.Best Company.

TG+S sought a local partner because it considered that this regional presence would make discussion and planning an easier process than that which obtained previously.

For more information on Peak Re please look at www.peak-re.com