How was Tobias Asser awarded the Nobel Prize Peace?

Name: Tobias Asser.
Country: Netherlands.
Date of Birth: 28 April 1838.
Died: 29 July 1913.
Co-founder: Institute of International Law(1873).
Known as: Initiator of the Conferences on International Private Law at the Hague, Cabinet Minister, and Lawyer.
Noble Prize Year: Nobel Prize for Peace in 1911, for work in the field of private international law, and in particular for his achievements in establishing the Hague Conference on Private International Law.