Editorial

Dear readers,

As we enter the second half of 2017 in our fifth year of operations, the Peak Re journey continues to unfold as we build on the successful start we made at 1st January.

The relationships we have with our clients continue to grow, growing both broader and deeper in many cases. We certainly appreciate the continued trust our clients show.

Our business renewed and written at 1st April grew strongly again, and as we come to 30th June, this has continued across our book, in Asia, Australia and in the Americas.

We have supported numerous clients with our strong and swift claims settlements, and we have stood by our promise to take the long view with core clients whohave suffered claims. We aim to remain at the forefront of claims settlement performance, underscoring our commitment to making clients good, so they can make their own customers good as soon as possible. That remains the key value proposition we stand for.

Recently, China and Hong Kong insurance regulators signed an agreement to develop mutual recognition of the solvency regimes in the two markets. In this edition of Peak Times, we will share our views on how this important step will enable Hong Kong to fulfil China’s reinsurance needs.

This issue also highlights the current liability environment bringing both challenges and opportunities for underwriters, as with the development of new liability exposures and new risks. And we will share the applications of disruptive technology and its potential in the reinsurance industry.

PEAK TIMES Issue 7 | July 2017

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Content ¬ Hong Kong to step up as

a reinsurance hub

¬ Challenging times for liability underwriters?

¬ A climate neutral year and a normal cyclone year in 2017

¬ Disruptive technology? Maybe it is even better than it seems

¬ Himalayan Consensus Summit 2017

¬ Peak Re successfully hosted the third Fosun Global Insurance CEO Committee (GICC) annual meeting

Franz-Josef HahnChief Executive Officer

Peak Re actively partners with academics to strengthen its modelling capabilities while at the same time contributing its knowledge for the betterment of the industry. This is our third year of collaboration with the Shanghai Typhoon Institute. The forecast of the typhoon season unfolding last year was a good demonstration of our successful partnership. In this issue, we will continue to give an update on the forecast of the 2017 tropical cyclone activities.

I hope you will enjoy reading this edition of Peak Times and I look forward to hearing your views.

Yours sincerely

Hong Kong to step up as a reinsurance hub

Hong Kong is on the path to becoming a dedicated hub for mainland China’s reinsurance needs after the city’s insurance regulator signed an agreement with its Chinese counterpart in May to develop mutual recognition of the solvency regimes in the two markets.

The agreement could mark the first step towards developing an integrated insurance and reinsurance market between the two places, with Hong Kong ultimately being recognised as an onshore jurisdiction for regulatory purposes. While this is still a few years away from being realised, with some potential pitfalls along the way, both sides are working hard to fulfil the potential of this vision and are committed to its success.

flows in the market to do Chinese reinsurance business out of Hong Kong.”

What is equivalence?

At present, the Office of the Commissioner of Insurance in Hong Kong and the China Insurance Regulatory Commission (CIRC) on the mainland are developing their own risk-based solvency regulatory regimes. Under the Equivalence Assessment Framework Agreement on Solvency Regulatory Regime, supervision of the insurance industry in both jurisdictions would be harmonised, thereby avoiding regulatory overlap and facilitating cooperation.

“The mutual equivalence recognition of the solvency regulatory regimes between the two places will promote the development of the insurance industry on both sides and encourage cross-border business,” said John Leung, the commissioner of insurance in Hong Kong. “Before the completion of assessment, both sides agreed on a transitional regulatory arrangement which recognises the solvency regime of each other as the same or similar to that of another. We will then discuss with the CIRC on the specific measures under the transitional arrangement.”

The goal is to complete the equivalence assessment within four years, by which time Hong Kong will have adopted its Solvency II-style risk based capital regulatory framework, bringing it in line

Indeed, alongside banking and finance, insurance is seen as a key pillar of China’s Belt and Road initiative. Enabling Hong Kong to write Chinese business on an equal footing will help these projects to attract international finance and thereby facilitate the government in achieving its highest-priority national objectives.

“While certain details are relatively vague at this moment in time, the high-level concept behind the agreement is very positive for Hong Kong,” says Andrew Mak, deputy head of underwriting at Peak Re. “For Peak Re, we would certainly like to have more engagement with the market to apply our expertise. We’ve been quite successful at capturing business in Europe and the US, and what we want now is to attract those additional capital

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with the mainland’s China Risk Oriented Solvency System (C-ROSS) Chen Wenhui, vice-chairman of CIRC, has said that mutual equivalence recognition will “strengthen the cooperation between the two insurance sectors and enhance the regulatory efficiency and market effectiveness of both places”.

The 18 reinsurers operating in Hong Kong have welcomed the news as a significant step forward for the industry.

Why it matters?

Demand for insurance tends to outstrip economic growth in countries that are developing rapidly. This is especially true in China, where premiums are currently less than 5% of its gross domestic product — and are forecast to grow at twice the pace of economic growth.

Such forecasts are not unrealistic. At the moment, short-tail risks such as property, engineering and motor are a significant driver of growth, but this will change as China’s growing wealth eventually produces demand for greater sophistication. For example, the life industry is growing very strongly currently but is driven by a desire for investment products. As demand shifts towards genuine risk transfer, the market can expect substantial growth on the life side. At the same time, China is still a developing country that is building considerable amounts of physical infrastructure.

“When you look at where the majority of the growth in the future is coming from, it’s China,” says Mak.

While most reinsurers in Hong Kong currently enjoy sufficient access to mainland business, there are hurdles to broadening and deepening their operations at a pace commensurate

with Chinese growth and the evolving needs of its economy.

“Becoming a reinsurer in China is not easy,” says Mak. “So a lot of companies are exploring alliances and there’s a lot of Chinese capital in search of diversification. It’s still the case that China only has one dominant reinsurance company. For a market that size, they need more reinsurers to be working there.”

Creating a level playing field with China would allow reinsurers to take advantage of Hong Kong’s financial infrastructure and business-friendly environment to help mainland insurance companies transfer risk and manage their capital effectively.

Why Hong Kong?

As a mature financial centre, Hong Kong offers a suite of resources that cannot be quickly replicated onshore in China, from consultation, accounting and actuarial talent, to a banking sector that can support the development of solutions that will be needed as the Chinese market evolves.

With the growing insurable value on the mainland, the insurance market will not be able to absorb all of the aggregation because reinsurers’ risk appetite is bound by considerations such as financial strength, the macro environment and the nature of the losses. As a result, they will need to develop alternative solutions to securitise these exposures.

“All insurance companies in China are becoming very sophisticated in the way they buy reinsurance,” says Peak Re’s Mak. “Other than the conventional treaty arrangements, I’m sure that in the future there will be other instruments

that can be arranged in Hong Kong.”

Whether this is through insurance linked securities, parametric triggers or other tools for securitising portfolios, Hong Kong is well placed to innovate these solutions for the Chinese market.

Of course, Hong Kong also offers advantages compared to onshore Chinese jurisdictions, as well as the advantage of liquidity versus both onshore and offshore peers — the government tends not to interfere in capital flows, which is not the case in China, and Hong Kong is still the preferred global centre for renminbi clearance ahead of rival reinsurance centres in London, Bermuda or Singapore.

Stronger and deeper financial ties between Hong Kong and the mainland go hand in hand with the increasing integration of the Pearl River Delta economic region, symbolised by the physical link provided by a new bridge to Macau and Zhuhai, and a high-speed rail link to Shenzhen and Guangzhou.

“Equivalency, Belt and Road, and the river delta are all coming together,” says Mak. “This is a strong message to the markets and a positive sign for reinsurers.”

This story first appeared in Insurance Asia News June 2017 issue.

Andrew MakDeputy Head of Underwriting

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Charles Dickens’ novel “A Tale of Two Cities” opens with “It was the best of times, it was the worst of times”. So, is it the best of times to be a liability underwriter? At first glance, it may not appear so.

While reserves from prior underwriting years are being released to help maintain profitability levels, at the same time there are strengthening of reserves in certain liability sectors, particularly for historical asbestos and environmental liabilities in North America which would normally result in pricing increases. However, due to excess capacity for most risks, a rise in prices will make business retention and new business growth difficult; so perhaps it is the worst of times to be a liability underwriter?

Adding to the difficulty for accurate pricing of liability risks is the recent changes in the UK discount factors— commonly referred to as the Ogden

assess how a portfolio is likely to develop. It has always been a challenge for actuaries and underwriters, and shows no sign of becoming any easier.

This is because as well as looking at historical data and trends, new exposures which are developing through the impact of socio-economic, legal and regulatory and technological risk drivers, across both general liability and financial lines, present challenges for successful underwriting.

For this, the underwriter needs to also look forward, possibly many years in the future, to assess what the potential impact may be. This presents an underwriter with a great opportunity to engage with customers in discussion about risk, and to develop solutions to help transfer these risks. Some of the areas where we see increased liability exposures for businesses include:

Cyber security: risks associated with data protection and security hit the headlines again recently with two ransomware attacks affecting many businesses around the world. The new European Data Protection Regulations (EDPR) become effective next year and create new risks for compliance and notification not just for companies based in the EU, but also for any companies handling personal data for European citizens. This will create new areas of risk for call centres etc in Asia who may provide services for European customers. Cyber risks are now a critical

Tables. This means that many insurers (and reinsurers) with long-tail exposures in the UK and other common law countries are reviewing the adequacy of their current reserves for known claims, and also re-considering how they calculate their IBNR and IBNER factors. There has been discussion about the suitability of the current discount factors for some time, so while this shift was not totally unexpected, the move to a negative discount rate, in effect a rate increase was not expected by many. At the time of writing this article there have been a number of announcements from insurers about increasing their reserves to allow for this which resulted in sizeable deteriorations in their financial underwriting results for 2016.

Pricing for long tail business has sometimes been likened to driving a car forward whilst looking through therear-view mirror at where we have been because of reliance on historical data to

Challenging times for liability underwriters?

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part of a company’s risk exposure and need to be addressed at Board level, including, but not solely, the purchase of suitable insurance coverage to transfer some of the risk.

Driverless cars: whilst not a common feature today, there is a growing use of these in limited controlled environments, and in the not too distant future we can expect to see more of these on public roads. The generally accepted view is that the use of computers to control safety functions will result in few collisions or accidents, leading to lower claims costs, and lower motor insurance premiums. The concern for liability underwriters is what happens if a critical device fails, or is alleged to have failed, does this become a product liability exposure for the manufacturer of the device, in effect passing the claims cost on to the liability insurance market? Will the failure of a single defective device lead to a mass recall of other affected vehicles?

Drones: drones are becoming an accepted part of many business operations, particularly for inspection services in dangerous or inaccessible locations. Various media reports have alleged near-misses with commercial aircraft, and whilst the predicted delivery of pizza by drones has yet to become a regular sight, there has already been litigation for injuries caused by pizza delivery drones, in the US1. Legislation of drones varies globally as to whether it is classed as an aircraft, so whether the operator needs to purchase specific aviation cover, or whether it can be included as an extension under a Public or General Liability policy will depend on how this regulation develops.

Management liability: securities litigation is the US shows no sign of

reducing, in fact the Cornerstone Report on Securities Litigation for 2016 shows that this is actually increasing, with 271 Class Actions Lawsuits filed in the US in 2016, compared to 189 in 2015 — an increase of over 40% and the highest level since 2001. Litigation involving non-US firms is also high with 17% of the lawsuits filed involving foreign companies, when only 16% of the listed companies in the US are foreign-based; whilst large corporates will always be a target for Securities Litigation, data shows that new plaintiffs' lawyers have started to identify smaller capitalised companies.

Securities litigation is no longer solely confined to the US; there have been recent high-profile cases involving companies in Europe and Latin America and in the Asian region where failure to have a robust corporate governance program, particularly in relation to bribery and corruption have resulted in extensive legal and regulatory investigations, prosecutions and penalties.

These emerging risks create both challenges and opportunities for underwriters; the lack of any credible historical data makes claims frequency and severity loss experience difficult to predict, so pricing of risks becomes challenging. Too optimistic assessments could prove to have a severe financial impact whereas a too conservative view may mean that premiums become too expensive to be commercially affordable, leading to un(der) insurance, or creating opportunities for other risk transfer solutions to step in.

With the development of new liability exposures, current policy wordings may not cater for some of these emerging risks, so it is critical to make sure that any amendments which may need to be

made are carefully drafted to ensure that the terms used reflect the intention of all parties involved in the contract. This may also lead to new and innovative policies being developed, as has happened with the range of cyber policy wordings available in the market.

The best of times? Perhaps, because the scope and pace of change in the liability environment, and the variety of risks written by casualty underwriters does mean that the opportunity to respond and develop new risk transfer solutions for a client can be greatly satisfying for an insurance professional.

In conclusion, is it the best or the worst of times for liability underwriters? In reality, it is probably neither, although in the words of another great writer, the musician (and Nobel prize winner) Bob Dylan, ‘the times they are ‘a-changin’ and these changes create opportunity so it is up to the insurance professional to embrace change, develop new products and services which are relevant to customers’ needs in the modern, technology driven world.

Peak Re is committed to open and honest dialogue with our customers and other stakeholders and, by sharing views and agreeing to courses of action we aim to achieve sustainable solutions which are acceptable to all parties.

Allan LearoydSenior Vice President, Casualty Underwriting

1 Rosenberg’s Pizza v. Live Free Insurance Co., No. 16237 (N.H. Super. Ct. (Merrimack) Feb. 23, 2017),

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TC Count Formation LandfallMajor Impact

Whole China South China East China

1981-2010EV/SD 26/4.8 7/2.0 14/3.0 9/2.5 9/2.6

2017Forecast 23-25 7-8 10-13 6-8 9-11

Substantial damages have resulted from tropical cyclones in China. 26 tropical storms or stronger events would form in North West Pacific basin and cause significant impact to the society. Though not entirely avoidable, it can to a large extent be mitigated through accurate forecasting and preparation. Peak Re, recognising the importance of this information, therefore tracks and forecasts typhoon activities including the landfall locations on its online platform at www.peak-re.com/tcat, which was created with tropical typhoon insights provided by the Shanghai Typhoon Institute.

Figure 1 Illustrates the loss statistics of tropical cyclones over the recent years.

A climate neutral year and a normal cyclone year in 2017

Table 1 2017 first seasonal forecasting

Peak Re has published its first seasonal forecasting of tropical cyclone activities for 2017 in May and it expects a normal activity season this year.

It has forecasted 23-25 cyclones to form which could reach to tropical storms scale.

Of the 23-25 cyclones forecasted above, 10-13 tropical storms are expected to significantly impact China and 7-8 tropical storms would make landfall over China as showed in Table 1 below.

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Fig 1 Loss statistics from 2009 to 2016 Number of casualtyEconomic loss (Mil USD)

0 0

50,000 400

200

100,000800

600

150,000 1,200

1,000

2009 2011 2013 20152010 2012 2014 2016

One remarkable change to 2016 cyclone season is the impact to Eastern China is slightly higher than average, compare with the impacts to South China.

As a result of the strong El Niño event in 2015, late 2016 and early 2017 climate and ocean-atmosphere interaction remain at a volatile situation. At the beginning of 2017, an above average sea surface temperature (SST) over equatorial pacific was recorded (Fig 2a). There was a higher probability that 2017 would developed to an El Niño event in the first half of 2017.

However, the climate situation is constantly changing. Climate research indicated the likelihood of El Niño has reduced (Fig. 2b).

Peak Re’s May forecast is based on prior observations and subject to the uncertainties in the climate outlook.

We will release another update on the seasonal forecasting in August to capture the latest atmospheric environment conditions.

To date, there were two events namely, No.1 ( 梅花 MUIFA) and No.2 ( 苗柏

MERBOK) which formed on 26th April and 11th June respectively in North Western Pacific Basin with scale reached tropical storm.

In previous issue of Peak Times, (Page 5, Peak Times Issue 5, 2016), it was presented that the long-term average tropical storm formation in the first half of the year is five events and 21 for the second half. As of today, the two events make the density of the second half of the year slightly higher than normal.

Kun ChengVice President, Analytics

Fig2a 2017 SST prediction of Nino3.4 zone (http://iridl.ldeo.columbia.edu/maproom/ENSO)

Fig2b 2017 SST prediction of Nino3.4 zone (http://iridl.ldeo.columbia.edu/maproom/ENSO)

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Since the new millennium, the re/insurance industry has not seen major changes in its use of Information Technology that would or could be game changing. Timeworn legacy systems which were designed a few decades ago are still an important part in the operation today.

The challenges of modernizing these systems were not only limited to dealing with the complex infrastructure, but also because the systems were written in older computer program and programming languages, making it difficult to find specialist suppliers and partners to help support or enhance them. There was also a lack of a push factor on companies’ end as they do not see significant reduction in operating or IT expenses.

Disruptive technology?Maybe it is even better than it seems

Intelligence, the re/insurance industry is currently reviewing its basic processes and trying to identify how to make the best use of all the new technologies and to quantify the benefits it could bring.

Below are some possible applications:

Big Data has been getting more and more attention over the years. The experience in Business Intelligence solutions in the past decade seems to be paying off now as more and more data becomes available. Organisations are now able to make use of the data to streamline costs, assess the risks they want to underwrite, identify and then approach target customers.

Closely related to the Big Data development is the Internet of Things (IoT), this area is gaining interest from various industries as more and more information becomes available about how, where, when and by whom and what

While there are some recent technological breakthroughs in recent decades, such as the launch of Client–Server architecture, the use of the Internet and the rise of Business Intelligence; the core processes of systems and solutions used in the re/insurance industry have remained largely unchanged.

However, as the industry is experiencing a growing pressure on profit margins and growing risks, such as cyber risks, this might no longer be the case. At Peak Re, we are exploring new technology which would be able to cater for this development.

What options are available and how could they impact our business?

With technology innovations in the past years like Big Data, The Internet of Things, Blockchain and Smart Contracts, Machine Learning and Artificial

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is used. Insurers are already applying IoT to enhance the business efficiency, i.e. devices to track motor vehicles and drivers’ behavior. The technology is likely to drive further evolution in risk assessment and claims.

Blockchain is a technology that functions as a data exchange platform through a distributed ledger that sits outside of the organization. For most Blockchain, it is closely related to the topic of Crypto Currencies such as Bitcoin or Ethereum. In fact, this is just one of the many uses for Distributed Ledger Technology. Its capability to handle transaction information similar to the Statement of Accounts could be widely applied in re/insurance industry. It could streamline accounting and claims handling processes, through increased further automation, thus reducing operation and IT costs as well as the manpower requirements.

There are definitely more possible applications for Blockchain and Distributed Ledgers. By using Smart Contracts on top of the Blockchain or by providing more precise and up to date information for reserving requirements and time to process claims payments could eventually be shortened to mere seconds.

As you can see, the technologies mentioned so far are all focused on data collection and data exchange at a speed never seen before, in a secure and reliable way (at least with regards to Blockchain).

With the massive volume of data collected, Machine Learning and Artificial Intelligence would be able to contribute to automation of data processing, triggering follow up processes without any further human input.

In the re/insurance industry, there are currently numerous initiatives and projects being executed to identify possible uses and their impact to the business. Some are in the prototyping stage while few of them are already available in the market.

If we take a look at the current development of reinsurance programs, they are becoming more and more complex. The technology can help identify the margins needed, the speed of data processing provides up-to-date information, and reinsurance programs can be constructed more and more complex to only cover what is really required. Being capable of offering to these developments the appropriate technical solutions for interacting is to be considered an important factor for future business development globally.

At Peak Re, we have been evaluating various applications for prototyping new solutions built on the above-mentioned technologies. It is one of our focus areas to improve the exchange of data between our customers and partners as well as the way we handle claims, in order to achieve fast and accurate execution of Cash Calls with the use of the Distributed Ledger Technology.

This means that existing systems need to be enhanced to cater for the next generation of digital business and be able to fully understand and provide the best possible solutions to all of our partners. Therefore, we work closely together with InsurTech companies globally to ensure the best possible integration in our existing platforms.

For us, this is not about disruptive technology but rather the potential opportunities that are available for all market participants. It is crucial that the use, especially of the Distributed Ledger Technology, is carefully considered and implemented, so as to ensure that the industry benefits as a whole.

This can be a win–win situation for all. With the advent of all these new technologies, giving rise to new capabilities and improving on many of the existing processes, it should not be forgotten that in the end, product development will remain in the hand of our reinsurance specialist. Utilizing technology to build on our infrastructure, the ultimate goal here is for us stay competitive and move the focus back to the business.

Dimitri AchermannData Architect

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On 24th-25th March 2017, the Himalayan Consensus held its second Annual Himalayan Consensus Summit in Kathmandu Valley, Nepal.

Franz-Josef Hahn, CEO of Peak Re, serves as a long-term advisor to the Consensus, was invited to share his views at the inaugural session in the opening plenary of the summit. He highlighted the importance of setting up pre-disaster funding for regions like the Himalayas as these areas are highly susceptible to natural disasters. The funding can also facilitate fast- economic development process, to enable sustainable economic and social development of the community.

A wide range of topics including the five principles of the Himalayan Consensus: identity, community, business, finance and environment; and how these can be implemented to prevent violence and conflict from occurring, were discussed

in the Summit, with the focus of how the Himalayan Consensus process applies Himalayan traditions towards contemporary challenges.

Supporting the community ties well with Peak Re’s founding mission. The Company has been an active contributor and adviser to the Himalayan Consensus, which was created to enhance the region’s resilience against natural disasters through community empowerment. The Company also shared its expertise on how an effective financial architecture can mitigate exogenous shocks through private funding and become a growth engine for economic development.

The Consensus aims to encourage grassroots solutions and efforts to improve economic sustainability while protecting ethnic diversity and local identity. An annual summit is held in Kathmandu, Nepal to explore and debate

the region’s readiness to respond to natural and human induced disasters.

Himalayan Consensus Summit 2017

About Himalayan Consensus Summit

Himalayan Consensus Summit is a platform for global thought leaders ranging from innovators to venture capitalists to explore new opportunities to scale up sustainable, environment-friendly and social businesses.

It focuses on developing alternative paradigms that suit the Himalayan context with discussions on key issues such as, the need for insurance, access to finance for sustainable development, water conservation and promoting the use of renewable energy.

www.himalayanconsensus.org

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Franz-Josef Hahn welcomed the participants as the Chairman of this year’s GICC and CEO of Peak Re. Mr Hahn was pleased to note that the GICC has travelled a long way in just three years. He mentioned the global partners of Fosun should meet and engage more often, fostering partnership and maximising mutual opportunities. He also highlighted that the GICC and global partners, as well as Fosun’s young ambassadors can all work to promote Fosun Insurance Group.

On 7th June, Peak Re hosted the third Fosun Global Insurance CEO Committee (GICC) Annual Meeting. The theme of this year’s conference was “Modernising Re/Insurance”. The conference successfully brought vitality to Fosun’s insurance companies worldwide and facilitated synergies among different insurance entities.

Mr Hahn was joined by Mr Guo Guangchang, Executive Director andChairman of Fosun International, MrWang Qunbin, Executive Director and CEO of Fosun Group, Ms Kang Lan, Executive Director, Senior Vice President of Fosun Group and President of Fosun Insurance Group, and other senior executives from various Fosun insurance entities around the world to discuss key topics such as InsurTech,

Peak Re successfully hosted the third Fosun Global Insurance CEO Committee (GICC) annual meeting

risk & capital management, healthcare as well as the acquisition and retention of talent to modernise the insurance and reinsurance industry.

Mr Guo emphasised the strategy of Fosun’s direction of “Insurance Plus” and stressed again the importance of entrepreneurship. Fosun partners must drive self-starters and have strong awareness of “active closed–loop2”.

Mr Wang mentioned Fosun International’s net profit attributable to the parent company exceeded RMB 10 billion yuan for the first time in 2016, thanks to the progress that portfolio companies in the Fosun Insurance family have made in team building, integration, synergy, and business development. Meanwhile, in the face of future changes and challenges, Fosun Group and all insurance companies should keep evolving, embracing and even leading change.

2 Closed-loop is an expression explaining that one does not leave anything undone to be successful.

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For more information, please contact

Property & Casualty: underwriting@peak-re.comLife & Health: life@peak-re.comGeneral: info@peak-re.com Peak Reinsurance Company LimitedTel: +(852) 3509 6666Fax: +(852) 3509 6668Address: Room 2107-11, ICBC Tower, 3 Garden Road, Central, Hong Kong

Peak Reinsurance AGTel: +41 (0) 43 819 20 60Address: Fortunagasse 28, 3rd floor, 8001 Zurich, Switzerland

DisclaimerPeak Re provides the information contained in this document for general information purpose only. No representation or guarantee can be made as to the correctness or suitability of that information or any other linked information presented, referenced, or implied. All critical information should be independently verified for cor-rectness and Peak Re accepts no responsibility, and shall not be liable for any loss which may arise from reliance upon the information provided. Neither Peak Re nor its affiliates accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of any statement, fact, text, graphics, figure or expression of belief contained in this document or communication. All rights reserved. The information contained in this document is for your internal reference purpose only. No part of this document may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without Peak Re’s prior written consent.