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.
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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.
