African reinsurer Africa Reinsurance Corporation (Africa Re) has joined Dubai International Financial Centre (DIFC) to bolster its growth in the gulf Islamic insurance market.
As part of the DIFC, the company will function as ‘Africa Re Underwriting Agency’ (Africa Re) and offer conventional and sharia-compliant reinsurance services in the Middle East region.
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Africa Re focuses in underwriting offshore and onshore energy including oil, gas, petrochemicals, power and other utilities, in addition to proportional and non-proportional treaty business and general property.
The company, which is looking to bolster its presence in Asia, Brazil and Middle East markets, is said to mark its first office outside of Africa in Dubai as part of its tie-up with DIFC.
DIFC Authority CEO Arif Amiri said: “We are pleased to welcome Africa Re to DIFC, especially as they have chosen us for their first office outside the African continent. Offering conventional and Takaful products provides additional choice and we hope Africa Re will work with DIFC and the other firms in our ecosystem to develop the future of the region’s reinsurance sector.”
Africa Re is said to have more than ten years of experience in offering Retakaful products that are Sharia-compliant and vital for Takaful companies to meet their business needs.
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By GlobalDataAfrican Reinsurance Group managing director and CEO Dr. Corneille Karekezi said: “Africa Re may be new to DIFC but has never been new to the Middle East which Africa Re supported for the last 20 years.
“Africa Re was closely observing the withdrawal of Reinsurance/Retakaful capacities from the Middle East hence a decision was taken to join DIFC in order to be in proximity to our clients and fill such gap of capacity through providing leading opportunities as support to all our longstanding clients in the Middle East.
“We are confident that Africa Re’s existence in DIFC would further enhance both Conventional and Takaful markets, and develop/readjust the Takaful market and Takaful model in the Middle East.”
Last year, Africa Re selected Aesco Risk Management Services to provide a reinsurance facility for all global upstream energy insurance programmes written from Equatorial Guinea.
In 2018, German insurance giant Allianz Group agreed to acquire 8% stake in Africa Re in a transaction valued at $81m.
