Peak Re completes Bermuda ILS investment specialist takeover
Hong Kong-based Peak Reinsurance Company (Peak Re) has completed the acquisition of Bermuda-based ILS investment specialist Lutece Holdings and its subsidiary Lutece Investment Management.
The acquired company has been renamed as Peak Capital. It will be led by ILS veteran and Lutece founder Erik Manning, and Peak Re’s managing director of underwriting Lawrence Cheng as co-CEOs.
Angus Ayliffe and Julia Henderson from the Lutece team will continue to be chief financial officer and chief underwriting officer of Peak Capital, respectively.
The completion of the transaction follows the fulfilment of customary closing conditions, including the receipt of regulatory approvals.
Peak Re CEO Franz Josef Hahn, said: “This is a team of top-tier professionals with strong ILS and structuring expertise, combined with in-depth insights into the Asian markets.
"Under the leadership of Erik and Lawrence, Peak Capital will create new opportunities to develop differentiated and innovative (re)insurance products to both our customers and investors, and eventually expedite Peak Re’s mission to closing the protection gap in Asia,” Mr. Hahn says.
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