Peak Re's profit hit by 88% in 2016

purse-squeeze

The reinsurer was hit by a poor investment performance of 1.5% (2015: 6.4%) and a particular poor first half of the year when its combined operating ratio climbed to 107%. Overall the insurer finished with a COR of 97.6% (2015: 96.8%), while premiums climbed to $698.2m compared with $582.7m in 2015. Peak Re provided the following statement to Insurance Post: "In 2016 our underwriting profit . . . increased 33% to $12m. The COR at 97.6%, is virtually unchanged from the previous year (96.8%).