Morocco: State-owned reinsurer SCR goes to Rwanda
Source: Middle East Insurance Review | Jun 2018
Morocco-headquartered Société Centrale de Réassurance (SCR) is expanding its reach in Africa. After the opening of a regional office in Abidjan in the Ivory Coast, the reinsurer has obtained approval to open an office in Kigali in Rwanda.
This new office will allow the state-owned SCR to develop business in eastern Africa, reported Africa 360.
“SCR has chosen Rwanda because of the development prospects this country offers with a growing economy and significant infrastructure,” said the reinsurer.
The SCR, established in 1960, is Morocco’s leading reinsurer. Created by the state-owned financial institution Caisse de Depot et de Gestion (CDG), it is now part of the overseas expansion of the Moroccan economy, engaged in a process of development in Africa through the opening of representative offices. In 2017, SCR achieved a record profit of MAD492m ($52.3m).
SCR is embarking on an ambitious diversification strategy based on international growth in Africa and the Middle East. Going abroad for SCR has become necessary following the abolition of the requirement for Moroccan insurers to cede 10% of their premiums issued to the then sole national reinsurer and the competition from Mamda Re, a joint venture between Mamda and PartnerRe, when it entered the market in 2014. M
MAD1 = $0.11