Peak Reinsurance Co. Ltd., a Hong Kong-based global reinsurer, announced it was granted a reinsurance branch license in India.
Peak Re has been authorized to write both property/casualty and life & health business, which the company said “
marks a significant step in [its] journey to support emerging markets across Asia and beyond.”
Establishing a branch in India “reinforces our unwavering co
mmitment to the India market and underscores our strategic
focus on meeting local needs and deepening our engagement with the local community,” the company said.
Sudhir Salian, managing director, head of India at Peak Re, has been designated to oversee the development of the branch.
Peak Re was granted a reinsurance branch license by the International Fina
ncial Services Centres Authority (IFSCA) on Feb. 20, 2025 and will operate in the G
ujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
A year-end 2024 shareholder report indicates that Lemonade had 2.3 millio
See more beautiful photo albums Here >>>
n customers at the end of December. While the policy counts are unavaila
ble and are likely higher than customer counts for a company that has made the sales of multiple different policies
to each customer a core component of its go-forward strategy, it’s still far away from the 34.5 and 37.3 million policies in force that Pr
ogressive and Allstate reported as of the end of February.
Executives of all three companies recently gave updates on their growth strategies for 2025, and while the turnaround in person
al auto has been the dominant focus of analysts assessing last year’s record earnings for the industry overall, only Progressive’s leaders indicated a full-throttle push for new customer
s in that line for the coming year. Allstate executives highlighted a focus on retention—keeping the auto customers it already has on th
e books—and the company’s successful track record in the homeowners business. With its renters book repaired and pet policies continuin
g to soar, Lemonade is moving cautiously on car insurance as it works to build upon and perfect the model it acquired when it bought Metromile in 2022.
