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Peak Re to acquire Bermuda based ILS asset manager Lutece

Wednesday, April 08, 2020
Opalesque Industry Update - Peak Reinsurance Company Limited has entered into definitive agreements to acquire 100% of the capital of Lutece Holdings Ltd. and its subsidiary Lutece Investment Management Ltd.

The transaction is subject to regulatory procedures and is expected to close in coming weeks.

Lutece is a Bermuda based dedicated ILS asset manager. It was founded in 2017 by industry veterans Erik Manning and Angus Ayliffe, each with decades of experience in reinsurance and ILS.

Lutece is currently known in the ILS market for operating a very specific and targeted retro strategy; however, going forward Lutece will provide Peak Re with a platform for expansion into other areas of the ILS market. Lutece Investment Management will be renamed Peak Capital and will become a fully owned subsidiary of Peak Re.

"The acquisition of Lutece carries Peak Re forward in its aspirations in ILS by bringing Lutece's expertise in house. This will definitely be accretive to our capabilities in capital and third party capital management," says Peak RE CEO Franz Josef Hahn.

"We see opportunities from growing Asian risk exposures - Lutece's professionals with ILS and structuring expertise, combined with Peak Re's strong underwriting and operating franchise, will create new avenues for us to innovate for both customers and investors, working towards our ambition of narrowing the protection gap in Asia," Mr Hahn comments.

Peak Re launched Asia's first reinsurance sidecar transaction, Lion Rock Re, in 2018. It was upsized at the end of 2019 with strong investor support. The acquisition of Lutece is expected to enhance Peak Re's capabilities and expand its ILS product suite.

Speaking on behalf of the whole Lutece team, CEO Erik Manning says, "We are delighted to become a part of Peak Re and look forward to bringing our assets and areas of expertise to help strengthen Peak Re's platform. Peak Re's analytical-underwriting model is very much in keeping with the culture of Lutece, and with that foundation we are looking forward to helping to expand Peak Re's ILS footprint."

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