Hong Kong-based reinsurer expands by gaining a life license and building a new team.
After several months of planning, Peak Re has been given a license to take on life and health insurance by the Office of the Commissioner of Insurance.
Franz Josef Hahn, CEO of Peak Re, said: "We intend to be an innovative reinsurer that offers a complete suite of reinsurance services to our clients."
He added: "Having the long term business licence is a major milestone for us as we are now one of the first local start-up reinsurers to underwrite a book of both property and casualty and life and health reinsurance business in the Asia-Pacific region."
Peak Re's life and health team will be headed by Angela Koechli, pictured, who was previously, head of life reinsurance, Asia-Pacific at Aon Benfield.
Koechli commented: "Our strategy is based on people, technology and commitment. We have a team of professionals with credible experience in life (re)insurance in Asia and the highest ethical standards."
She added: "In addition, we have made an upfront investment in best-of-breed IT systems for pricing and valuation, underwriting, risk accumulation and technical accounting to optimise system automation efficiencies."
Joining her team is Rani Rajasingham as senior vice president and chief actuary life and health. He was previously regional chief actuary at Allianz SE Re in Singapore.
Margarette Tan has joined as senior vice president, operations, life and health. She was previously regional manager for profects at Prudential Asia.
Also joining is Santanu Kumar Dutta as vice president, underwriting life and health, Dutta was previosly deputy general manager at ING Vysya Life.
Peak Re started at the end of 2012 mainly writing natural catastrophe business.