Peak Re acquires remaining 50% stake in Caribbean insurance group NAGICO

The Hong Kong reinsurer initially invested in NAGICO in 2016.

Hong Kong-based reinsurance group Peak Reinsurance Company Limited is planning to acquire the remaining 50% issued share capital of the Caribbean insurance group NAGICO Holdings Limited (NAGICO).

Upon the completion of the transaction, NAGICO will become a wholly-owned subsidiary of Peak Re. 

According to Peak Re, the transaction is a natural next step following the company’s initial investment in NAGICO in 2016, in line with the Company’s strategy to diversify its portfolio globally. NAGICO will benefit from Peak Re’s expertise and its strong balance sheet, to further strengthen its capabilities and offerings to customers. 

“NAGICO is a leading composite insurer operating in the Caribbean region. It provides a broad range of personal and business insurance solutions. The acquisition of the remaining 50% stake in NAGICO will enhance Peak Re’s geographical and portfolio diversification,” said Franz-Josef Hahn, chief executive officer of Peak Re.