MENA: Trust Re introduces surety line of business
Source: Middle East Insurance Review | Apr 2016
Trust Re has expanded its service offering to include surety reinsurance, focussing mainly on MENA territories, although it will also be underwriting within its existing geographical scope.
The new surety underwriting department will focus on contract bonds and guarantees, related to the engineering & construction industry, such as bid bond, performance bond, advance payment bond, warranty bond and retention money bond. The capacity available is US$25 million per bond and/ or principal.
Heading the department is Mr Domenico Esposito, who was Product Manager for the surety bond business line for six years with SACE SpA, the Italian Export Credit Agency.
Mr Fadi AbuNahl, CEO of Trust Re, said: “The introduction of Surety underwriting is an exciting part of Trust Re’s development and we aim to further support our objectives of diversified growth, whilst simultaneously expanding our service offering to clients.”