Peak Reinsurance Company Limited (“Peak Re’) and NexAssure Agency Limited have entered into a managing general agency (MGA) agreement that will see a new partnership in the area of extended warranty insurance.
NexAssure, a specialist in the extended warranty business in Asia Pacific which is based in Hong Kong, will now work with Peak Re to provide capacity within this rapidly expanding area.
While the extended warranty market is still in its infancy in Asia, this partnership will allow both parties to capitalise on the opportunities in this growing sector.
The new MGA, which will focus on China and other countries within Asia, will offer reinsurance support to insurers on a range of products beginning with motor vehicles.
Tony Hobrow, CEO of NexAssure Group said: “This is another exciting step forward for NexAssure as we seek to expand our products and services across the Asia Pacific insurance markets. In teaming up with Peak Re, NexAssure has found a partner with a rich and deep understanding of the region, who are committed to Asia Pacific in the long term”.
Peak Re’s CEO, Franz-Josef Hahn commented :“Peak Re is pleased to support this venture with NexAssure, working with NexAssure’s underwriting team to expand our offering in the class of extended warranty”.
Its principal officer is Dermot Reilly, who is also based in Hong Kong and will lead the new MGA from there.”