Peak Re is planning to expand into U.S. property and specialty reinsurance as it seeks to diversify its portfolio and double both premium and profit under a new five-year strategy.

Chief underwriting officer Phil Hough said the Hong Kong-headquartered reinsurer hoped to have a Bermuda-based executive in place to lead its U.S. property initiative next year, although it might not be participating in the market to its full intended extent by the January 1 renewals.

“We'd like to have someone in place to look at U.S. property next year,” Hough said. “That will be a Bermuda-based role, so further expanding on (the) Bermuda platform.”

Peak Re is also considering adding “one or two people” to drive a U.S. specialty expansion next year, broadening a portfolio that is currently concentrated in casualty.

CEO Victor Kuk said Peak Re currently writes neither property nor specialty in the U.S., partly because it had suffered losses there in the past and subsequently concentrated on casualty.

The expansion forms part of Peak Re’s “2X+” plan, which aims to double its top and bottom lines while adding capabilities in areas where it currently does little or no business. Kuk identified specialty alongside facultative, structured solutions and life and health outside China as priorities under the strategy.

Hough said Peak Re was in an unusual position because it viewed North America as a route to diversification while many of its peers were moving in the opposite direction by expanding in Asia.

“The fact is we carry very little U.S. exposure,” he said. “Our belief is that the market remains relatively healthy. There's obviously been some headline price erosion, but I think the underlying business remains strong.”

He said attachment levels remained elevated and that, even after recent price erosion, the U.S. property market was more attractive than it had been in 2021.

Peak Re does not intend to enter by undercutting the market or pursuing rapid growth.

Hough said it would take time to establish its presence and build the necessary relationships.

“It's more for us around positioning (ourselves),” he said. “We'd like to be in place and ready for when the market opportunities arise, which I think they will do at some stage in the near future.”

Hough said broadening Peak Re’s business across property, casualty and specialty would provide greater resilience as pricing softened in parts of the market.

“There is softening, but not everywhere,” he said. “By creating a broader business base, more diversification, it provides a bit more resilience and balance to offset pockets of softening that we're seeing in property cat right now.”

Kuk said Peak Re would recruit experienced specialists rather than ask existing staff to move into unfamiliar classes, with a number of new joiners expected to support implementation of the wider plan.

He added that the five-year plan was directional and its timetable could be extended if soft market conditions persisted, with cycle management remaining Peak Re’s priority.

The article was first published on The Insurer on 4 September, 2026. Please refer to the full article here.