Hong Kong-based Peak Reinsurance has concluded its previously announced acquisition of Lutece Holdings and its subsidiary Lutece Investment Management.
Peak Reinsurance agreed to acquire the 100% of the capital of Bermuda-based ILS investment specialist early last month.
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Following the completion of the deal, Lutece Holdings has been renamed as Peak Capital Holdings, while Lutece Investment Management has been rebranded as Peak Capital.
Under the arrangement, Lutece founder Erik Manning, and Peak Re’s managing director of underwriting Lawrence Cheng will become the co-CEOs of Peak Capital.
Angus Ayliffe and Julia Henderson, part of the original Lutece team, have been entrusted with the responsibility of CFO and chief underwriting officer, respectively, of Peak Capital.
Commenting on the deal, 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.
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By GlobalData“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.”
Peak Reinsurance concluded the deal after fulfilling all customary closing conditions and receipt of all due regulatory permission.
