KKR and Portuguese private equity firm Quadrantis Capital have agreed to acquire minority stakes in Hong Kong-based Peak Reinsurance, as the global investment firms expand their presence in Asia’s growing insurance and reinsurance market, according to sources cited by Reuters.

Under the terms of the deal, KKR will purchase an 11.3% stake from Prudential Financial, while Quadrantis will acquire 1.8%. Fosun International, the Hong Kong-listed conglomerate, will retain its majority shareholding of 86.71% in the company.

The investment marks another step in KKR’s push into Asian financial services. The firm recently acquired Japan’s Hoken Minaoshi Hompo Group, a major insurance distributor, as part of its broader strategy to build scale in the region’s insurance sector.

“As Asia emerges as a global growth engine for insurance and reinsurance, Peak Re is well-positioned to meet the needs of global clients with its established regional platform, disciplined underwriting approach, and strong governance,” said Bing Gu, Managing Director at KKR.

Founded in 2012, Peak Reinsurance serves clients across Asia-Pacific, Europe, and the Americas, offering reinsurance solutions in property, casualty, and life insurance.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approval.

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