Hong Kong-based insurer Peak Reinsurance Company (Peak Re) has signed an agreement to purchase 50% interest in Caribbean insurance group, Nagico Holdings.

Nagico provides personal and commercial property and casualty products in the Dutch, French and most of the English speaking areas in the Caribbean.

According to Peak Re, Nagico has leading market positions in several territories, including St. Maarten.

Peak Re CEO Franz Josef Hahn said: "Nagico is a well-established leading P&C insurer in the Caribbean market. This investment provides us with attractive growth prospects in this region.

"With the International Finance Corporation (IFC), a member of the World Bank Group, as one of our shareholders, Peak Re shares its enthusiasm in supporting the insurance industry in developing areas of the world such as the Caribbean."

The deal is subject to the receipt of all required regulatory approvals and other customary closing conditions.

Backed by Fosun International, Peak Re provides reinsurance treaty services covering a range of lines across Asia Pacific region, EMEA and the Americas.