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HONG KONG, Feb 14 (Bernama) -- A.M. Best has commented that the Credit Ratings (ratings) of Peak Reinsurance Company Limited (Peak Re) (Hong Kong) and its reinsurance subsidiary, Peak Reinsurance AG (Peak Re AG) (Switzerland), remain unchanged following the announcement that a wholly owned subsidiary of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU] has signed definitive agreements to purchase a 13.1% stake in Peak Reinsurance Holdings Limited (Peak Re Holdings) (Bermuda), the sole and direct holding company of Peak Re, via the issuance of new shares (the transaction).

Subsequent to signing the definitive agreements in connection with the transaction, Fosun International Limited (Fosun) had indirectly acquired the entire stake in Peak Re Holdings held by International Finance Corporation, which has temporarily increased Fosuns ownership of Peak Re Holdings to 100% before the closing of the transaction. While the final consideration is subject to closing adjustments, A.M. Best expects the transaction to increase Peak Re Holding's total capital. The transaction is pending regulatory procedures and other customary closing conditions. Once these occur, Fosun and PFI will indirectly hold 86.9% and 13.1% of the shares in Peak Re, via Peak Re Holdings, respectively.