During the last January 1 renewals, Peak Re has written approximately US$ 337 million in non-life treaty reinsurance business, an increase of 60% over the prior year’s renewable portfolio of US$ 211 million. Our Asia business continued to develop steadily in the past year, with a 68% increase in written premium compared to our 2015 Jan 1 renewal. The real focus of growth lay in China and South East Asia. Thailand, in particular, saw a 164% increment increase over the same renewal in 2015. Growth in Europe was aided by our new operation in Zurich, opened in September 2015, which saw a 95% increase in written premium compared to the year before. Peak Re’s expansion into the Americas benefited from reinsurance obtained as a result of our agreement to acquire a 50% stake in Caribbean insurance group NAGICO, announced in July 2015.
The transaction is currently waiting for final regulatory approvals. We are very pleased with the outcome of our third year-end renewal, since following Peak Re’s establishment in late 2012. Once again, our longterm oriented, non-opportunistic underwriting approach has proven successful in attracting high quality clients. Before we enter into a client relationship, we apply in-depth analysis because we intend to grow over time with our partners. As a result, our premium growth is very much driven by developing larger shares and new business with our existing clients.
Testifying to Peak Re’s underwriting discipline, we wrote only 50% of the new contracts offered to us.
Throughout the region, Peak Re is also benefiting from our ability to offer bespoke transactions to clients wishing to avoid placements in the open market. In a number of instances we have worked with clients on products and solutions which have translated into specific reinsurance solutions which we address through private deals.
For the full year 2016, Peak Re expects further significant growth. Asia Pacific continues to be our core market while diversification into Europe and the Americas markets progresses according to plan.
