Peak Re Announces the Successful Issuance of USD250,000,000 5.35% Perpetual Subordinated Guaranteed Capital Securities

HONG KONG,Oct. 28,2020 -- Peak Reinsurance Company Limited ("Peak Re" or the "Company"),a Hong Kong-based global reinsurer,announces today that its wholly-owned subsidiary Peak Re (BVI) Holding Limited,has successfully completed the issuance of USD250 million of perpetual subordinated guaranteed capital securities (the "Securities" or the "Transaction") at 5.35 per cent. The Securities are rated Baa2 (hyb) by Moody's,and unconditionally and irrevocably guaranteed by Peak Re which is currently rated A3 (stable) by Moody's. Peak Re's inaugural capital securities issuance will strengthen its capital base and increase its underwriting capacity.

The Transaction garnered a final orderbook of USD 1.1 billion and represents 4.4 times over-subscription. It marks the first public capital instrument in perpetual hybrid format issued by a Hong Kong-based global reinsurer. The demands also demonstrated the strong interest that high quality global investors have for investment grade hybrid capital securities,and their confidence in Peak Re's business outlook.

Commenting on the transaction,Mr. Franz Josef Hahn,Chief Executive Officer of Peak Re,said,"The Transaction marks a significant milestone for Peak Re. The Securities will enable the Company to diversify its capital structure,and bring additional capacity to the reinsurance market from international investors.Our business has shown resilience to the current pandemic,and with the hardening of the reinsurance market,the new capital will enable Peak Re to capture the growth opportunity ahead."

Ms. Cathy Chen,Chief Financial Officer of Peak Re,commented,"The success of this Transaction reflects the confidence of investors in our vision and strategies,and their recognition of the Company's achievements. This is a key step for the Company to ensure sustained growth and deliver our founding promise: to support the needs of communities and emerging middle-class societies in Asia and beyond. I would like to thank the team for their contribution and hard work to make this achievement possible."

The Joint Lead Managers for the Transaction are Citi and HSBC.

Important Notice:

The distribution of this news release and other information referred to herein may be restricted by law and persons into whose possession this news release or such other information comes should inform themselves about and observe any such restriction.

This news release does not constitute or form part of any offer to purchase,a solicitation of an offer to purchase,an offer to sell or an invitation or solicitation of an offer to sell,issue or subscribe for,securities in or into the United States or in any other jurisdiction. No securities mentioned herein have been,or will be,registered under the United States Securities Act of 1933,as amended (the "U.S. Securities Act"),or any state securities laws or other jurisdiction of the United States and no such securities may be offered or sold in or into the United States absent registration or an applicable exemption from,or in a transaction not subject to,the registration requirements under the U.S. Securities Act and any applicable state or local securities laws of the United States. The securities referred to herein will be offered and sold only outside the United States in accordance with Regulation S under the U.S. Securities Act.

Not for release,publication or distribution,directly or indirectly,in or into the United States.

Financial Conduct Authority (FCA) and International Capital Market Association (ICMA) stabilisation applies.

About Peak Re

Peak Reinsurance Company Limited ("Peak Re") is a Hong Kong-based reinsurance company authorised by the Insurance Authority of Hong Kong. It is one of the locally established reinsurance companies in Asia Pacific,underwriting both life and non-life reinsurance business.

With a shareholder equity of US$1.1 billion as of 31 December 2019,Peak Re enjoys an "A- (stable)" rating by A.M. Best and an "A3 (stable)" rating by Moody's. The Company ranks among the top 30 global reinsurance groups in terms of net written premiums.*.

Peak Re strives to provide innovative and forward-looking reinsurance services for customers in the Asia Pacific,Europe,Middle East and Africa and the Americas. It tailors risk transfer and capital management solutions to best fit clients' needs.

Fosun International Limited (00656.HK) and Prudential Financial,Inc. hold approximately 87% and 13% of Peak Re via Peak Reinsurance Holdings Limited,respectively.

* Source: S&P Top 40 Global Reinsurance Groups 2020