KUALA LUMPUR, Feb 14 (Bernama) -- A.M. Best has maintained the credit
ratings of Peak Reinsurance Co Ltd (Peak Re) Hong Kong and its
reinsurance subsidiary, Peak Reinsurance AG (Peak Re AG) Switzerland.
This followed the announcement that a wholly-owned subsidiary of
Prudential Financial Inc (PFI), New Jersey, has signed definitive
agreements to purchase a 13.1 per cent stake in Peak Reinsurance
Holdings Ltd (Peak Re Holdings) Bermuda, the sole and direct holding
company of Peak Re, via the issuance of new shares.
Subsequent to signing the definitive agreements in connection with the
transaction, Fosun International Ltd (Fosun) had indirectly acquired the
entire stake in Peak Re Holdings held by International Finance Corp.
While the final consideration is subject to closing adjustments, A.M.
Best expects the transaction to increase Peak Re Holding's total
capital.
Once these occur, Fosun and PFI will indirectly hold 86.9 per cent and
13.1 per cent of the shares in Peak Re, via Peak Re Holdings,
respectively.
A.M. Best would further assess the impact on the rating fundamentals and
strategic direction of Peak Re and its subsidiaries following the
closing of the transaction, the company said in a statement issued in
Hong Kong today.
-- BERNAMA
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