In a move aimed at
positioning itself closer to its main source of business,
takaful reinsurer Best Re has moved its headquarters from
Tunis in Tunisia, where it was established in 1985, to Labuan in
Malaysia.
According to Best Re, its
Malaysian office was established in 1999 and in 2009 generated 74%
of its business.
A unit of Dubai-based
takaful insurer Salama Islamic Arab Insurance Company,
Best Re provides general takaful and family (life)
takaful reinsurance and in 2009 reported gross premium
income of $304.7m, up 17.7% compared with 2008.
Best Re’s recently launched
family takaful operation produced 4% of gross premium
income in 2009.
Painting a positive outlook
for Best Re, rating agency AM Best said in a recent review it
anticipated that the reinsurer’s general and family
takaful operations would generate premium income growth of
between 18% and 20% in 2010.
AM Best also noted that
following Best Re’s change in domicile to Malaysia, Salama has
increased Best Re’s general takaful unit’s capital by $40m
and its family takaful unit’s capital by $10m.
Best Re also operates offices
in Lebanon, Turkey, Senegal and Mauritius.
