Peak Re adds new chief risk officer

Peak Re adds new chief risk officer | Insurance Business New Zealand

Reinsurance

Peak Re adds new chief risk officer

He has been with the HK-based reinsurer since 2016

Reinsurance

By
Kenneth Araullo

Hong Kong-based global reinsurer Peak Reinsurance Company Limited (Peak Re) has announced the appointment of David Menezes (pictured above) as chief risk officer, effective immediately.

Prior to his promotion, Menezes served as the deputy chief risk officer at Peak Re since September 2022.

Peak Re said that during his tenure as deputy chief risk officer, Menezes played a key role in maintaining the company’s risk management and oversight standards. His responsibilities included ensuring regulatory and legal compliance, understanding risks and exposures, and safeguarding the company’s financial strength.

Menezes, a fellow of the Institute and Faculty of Actuaries, has been with Peak Re since 2016. He is also involved in several industry working groups, including advising on the implementation of IFRS17 for general insurance and developing risk-based capital solvency standards. Menezes holds a postgraduate degree in physics from the University of Oxford.

Franz-Josef Hahn, CEO of Peak Re, stated that Menezes has consistently demonstrated strong oversight of the company’s risk, compliance, and legal functions.

“His leadership skills have been pivotal in fostering a risk-oriented culture throughout the company, driving our risk management strategies and maintaining our robust financial health. I am pleased to congratulate David on this well-deserved promotion,” he said.

In May, the company reported record net profits for 2023, totaling $200 million despite the year’s significant market challenges.

This performance marks a notable improvement, supported by a turnaround in reinsurance underwriting and asset management, which drove the company’s total equity up by 14.3% from 2022, reaching $1.28 billion. The company also maintained a strong solvency ratio of 305%.

“We reached these remarkable milestones in 2023 through the decisive actions taken to realign our property & casualty (P&C) portfolio and unwavering trust and support by our clients,” Hahn said.

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