Emerging Market Reinsurance Specialist Peak Reinsurance (Peak Re) Issues 2nd Catastrophe Bond with $50 Million 3-Year Note 8% Maturity 2028 via Hong Kong-Based Black Kite Re Limited (Series 2025-1), Bond Provides Retrocessional Reinsurance Protection with Extended Coverage for Earthquake & Typhoon Risks (Japan) & Parametric Earthquake Protection (China & India)
1st May 2025 | Hong Kong
Emerging market reinsurance specialist Peak Reinsurance (Peak Re) has issued a 2nd catastrophe bond with the issuance of $50 million 3-year note 8% maturity 2028 via Hong Kong-based Black Kite Re Limited (Series 2025-1). The $50 million bond provides retrocessional reinsurance protection with extended coverage for earthquake & typhoon risks (Japan) & parametric earthquake protection (China & India). Announcement (29/4/25): “Peak Reinsurance Company Limited (“Peak Re”) is pleased to announce the successful issuance of the second catastrophe bond, via Black Kite Re Limited (Series 2025-1) (“Black Kite Re”), a special purpose insurer (“SPI”) in Hong Kong. Building on the success of its inaugural 2022 issuance, this transaction secures US$50 million in retrocessional reinsurance protection, extending coverage in Japan to earthquake and typhoon risks while introducing parametric earthquake protection for China and India. This issuance represents a significant advancement in the use of insurance-linked securities (ILS) to address Asia’s growing catastrophe risks. For the first time, India has been included in a 144A catastrophe bond, expanding risk transfer to one of the region’s fastest growing and most dynamic markets. It also marks the first multi-peril, multi-territory catastrophe bond issued by an Asian sponsor from an Asian domicile, underscoring Peak Re’s leadership in driving innovation across the region and addressing Asia’s evolving catastrophe risks. In addition, it is the first time a Hong Kong Special Purpose Insurer (SPI) has been reused for a second issuance, further highlighting the scalability and maturity of Hong Kong’s ILS framework … … The issuance reflects Peak Re’s ongoing mission to deliver tailored risk transfer solutions and strengthen resilience across Asia’s economies.” Profile – Peak Reinsurance Company Limited (“Peak Re” or the “Company”) is a Hong Kong-based global reinsurance company. Since commencing operations in 2012, the Company has grown steadily to rank 27th among global reinsurance groups in terms of net reinsurance premiums written. For the year ended 31 December 2023, Peak Re reported a reinsurance revenue of USD1.56 billion and a net profit of USD200 million. With net assets of USD1.28 billion as of 31 December 2023, Peak Re is rated A- (Excellent) by AM Best. Peak Re is authorised by the Hong Kong Insurance Authority under the Insurance Ordinance (Cap. 41). The Company offers both Property & Casualty (“P&C”) and Life & Health (“L&H”) reinsurance. It provides innovative and tailored reinsurance, risk management and capital management solutions to clients around the world. Fosun International Limited (00656.HK) and Prudential Financial, Inc. own approximately 87% and 13% of Peak Re, respectively, through Peak Reinsurance Holdings Limited.
“ Emerging Market Reinsurance Specialist Peak Reinsurance (Peak Re) Issues 2nd Catastrophe Bond with $50 Million 3-Year Note 8% Maturity 2028 via Hong Kong-Based Black Kite Re Limited (Series 2025-1), Bond Provides Retrocessional Reinsurance Protection with Extended Coverage for Earthquake & Typhoon Risks (Japan) & Parametric Earthquake Protection (China & India) “
Franz-Josef Hahn, CEO of Peak Re: “This transaction underscores our ability to pioneer innovative risk transfer solutions for the Asia-Pacific region. By combining developed markets like Japan with emerging markets such as India and China, we’ve created a unique diversifier that strengthens resilience for our clients and their communities.”
Iain Reynolds, Head of Third-Party Capital at Peak Re: “The Black Kite Re 2025-1 bond provides us with a unique structure that combines industry-loss-trigger coverage for Japanese earthquake and typhoon risks with parametric earthquake protection for China and India. Its transparency and diversification not only deliver effective risk transfer but also offer a compelling opportunity for investors to participate in Asia’s dynamic catastrophe risk market.”
Emerging Market Reinsurance Specialist Peak Reinsurance (Peak Re) Issues 2nd Catastrophe Bond with $50 Million 3-Year Note 8% Maturity 2028 via Hong Kong-Based Black Kite Re Limited (Series 2025-1), Bond Provides Retrocessional Reinsurance Protection with Extended Coverage for Earthquake & Typhoon Risks (Japan) & Parametric Earthquake Protection (China & India)
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