Peak Reinsurance Company has completed the sale of a 13.1 percent stake in Peak Re Holdings to Prudential Financial, Inc.
The deal was completed via the issuance of new shares to a wholly owned subsidiary of Prudential Financial.
Prior to this transaction, Peak Re Holdings also sold shares previously held by International Finance Corporation (IFC), part of the World Bank Group, to Fosun International Limited.
Fosun and Prudential Financial now hold 86.9 percent and 13.1 percent of Peak Re respectively, via their stakes in Peak Re Holdings.
Headquartered in Hong Kong, Peak Re is now a part of the Fosun family, a Chinese international conglomerate and investment company whose total assets exceed USD$75bn.