Hong Kong, 27 January 2026 — Peak Reinsurance Company Limited (“Peak Re” or “the Company”), a global reinsurer specialising in emerging markets, has been awarded “Reinsurance Transaction of the Year” by InsuranceAsia News at the IAN Awards for Excellence 2025 for its Black Kite Re Limited (Series 2025‑1) transaction. The award recognises Peak Re’s innovation and leadership in advancing Asia’s insurance‑linked securities (ILS) market, with the transaction marking a new milestone in the Company’s strategy of combining global expertise with regional insight to deliver impactful risk‑transfer solutions across the region.

Building on the success of its inaugural 2022 issue, Black Kite Re 2025‑1 raised US $50 million in retrocessional reinsurance protection, extending coverage in Japan to earthquake and typhoon risks and introducing parametric earthquake protection for China and India.

The issuance achieved several industry firsts. It is the first catastrophe bond to include India under a 144A structure, expanding risk transfer to one of Asia’s most dynamic markets. It is also the first multi‑peril, multi‑territory 144A catastrophe bond issued by an Asian sponsor from an Asian domicile, and the first to reuse a Hong Kong‑based special purpose insurer (SPI). The transaction underscores the scalability and maturity of Hong Kong’s ILS framework and reinforces its position as an emerging international hub for risk‑transfer innovation.

Combining industry‑loss‑trigger coverage for Japanese earthquake and typhoon risks with parametric protection for China and India, the structure blends transparency and diversification for investors with efficient multi‑peril protection for the sponsor. It demonstrates Peak Re’s commitment to expanding Asia’s catastrophe‑risk capacity through alternative capital solutions that complement traditional reinsurance.

 “This transaction demonstrates how Peak Re continues to align market innovation with client resilience,” said Sascha Bruns, Head of Global Risk Transfer, Peak Re. “Through Black Kite Re 2025-1, we’ve delivered a sophisticated structure that connects global investors with local protection needs—strengthening both capital efficiency and long term sustainability across the region.”

"We are grateful to IAN for recognising Peak Re’s efforts to match the capital markets' appetite for catastrophe risk with our ability to support clients exposed to such risk across APAC," said Iain Reynolds, Head of Third-Party Capital, Peak Re.