HONG KONG, Oct 22 (Bernama-BUSINESS WIRE) — AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Peak Reinsurance Company Limited (Peak Re) (Hong Kong) and its subsidiary, Peak Reinsurance AG (Switzerland), remain unchanged following the disclosure of an issuance of perpetual subordinated guaranteed capital securities (securities).
These securities will be issued by Peak Re (BVI) Holding Limited and be unconditionally and irrevocably guaranteed on a subordinated basis by Peak Re. The target amount to be raised from the issuance is approximately USD 250 million. Distributions are payable semi-annually at a rate of 5.35% per annum and the securities are non-callable within the first five years.