Prudential Financial has completed the acquisition of a 13.1% stake in Peak Reinsurance Holdings, the sole shareholder of Hong Kong-based Peak Reinsurance Company.

The transaction was closed after meeting closing conditions including completion of regulatory procedures with appropriate regulators.

The deal, which was announced in February this year, was completed by issuing new shares to a subsidiary of Prudential Financial.

It followed the exit of the World Bank Group member International Finance Corporation (IFC) from Peak Re.

Family focused multinational firm Fosun International acquired the shares of Peak Re Holdings held by IFC.

Fosun and Prudential Financial now hold 86.9% and 13.1% of Peak Re respectively, through their stakes in Peak Re Holdings.

Peak Re, which is authorized by the Insurance Authority of Hong Kong, has shareholder funds of $909m as of 30 June 2017.

It offers reinsurance services covering an array of lines across Asia Pacific, EMEA and Americas, tailor-making risk transfer and capital management solutions to meet the clients’ requirements.

Peak Re said the investment from Prudential Financial will support its continued growth.

When the transaction was announced, Peak Re stated the deal is the next step in the  partnership between Fosun International, the largest shareholder in Peak Re, and Prudential Financial, which conducts business as Pramerica in selected countries outside of the US..

Fosun and Prudential Financial also own and operate a life insurance joint venture in China.

Prudential Financial, Inc. (PFI), of the US, and its subsidiaries are not affiliated with Prudential plc, a company incorporated in the UK.

Peak Re CEO Franz-Josef Hahn said, at the time signing definitive agreements, “We want to thank Fosun and International Finance Corporation for supporting this successful venture and are pleased to welcome PFI as a new investor as we continue to build Peak Re into a leading global reinsurer.”

Image: Prudential Financial Company Headquarters located in Newark, New Jersey. Photo: Courtesy of Prudential Financial, Inc.