Ashurst Hong Kong has advised Peak Reinsurance Company Limited (“Peak Re”) on its formation and the grant of its insurance licence by the Office of the Commissioner of Insurance.
Peak Re is now licensed in Hong Kong as a general reinsurer with a focus on the Asia Pacific region. With initial capital of USD 550 million, the company is 85.1% owned by Fosun International Limited and 14.9% owned by International Financial Corporation.
Ashurst partner Robert Ogilvy Watson led the Ashurst team comprising senior associate Daniel Öhvall and associates Juliana Sham and Derek Leung.
Commenting on the transaction, Robert Ogilvy Watson said:
“Ashurst has worked closely with Franz Josef Hahn, the founder and CEO of Peak Re since Summer 2010 in relation to the creation of Peak Re. It is very exciting to have been involved in this groundbreaking transaction to capitalise and locate a Pan-Asian reinsurance company here in Hong Kong.”
Franz Josef Hahn, the CEO of Peak Re, commented:
“I met with Robert Ogilvy Watson at the initial phase of building up Peak Re, early summer 2010. I was right away convinced of the capabilities of Ashurst being of significant importance in the capital raising and preparation of the company. With a sound expertise in corporate law and the insurance field Ashurst came as a natural choice. Robert and his team of talented lawyers supported the team in Peak Re with a can-do attitude and dedication. In the most complex situations we always could count on our lawyers. Robert never let us down even in the most difficult times of our journey. This is what I call an excellent and professional law firm!”
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