Deutsche Ruckversicherung will start writing business in the Middle East, focussing on traditional property and casualty reinsurance business, the company says in a statement.
Deutsche Ruck’s supervisory board approved on 1 April 2020 the business plan for market entry into the Middle East region. This will allow the group to write profitable business beyond Europe and the Maghreb countries.
“This step is consistent with our established strategy in non-life reinsurance lines,” said board member Achim Bosch. “As from 1 January 2021, we will start writing standard Property and Casualty business in selected Middle Eastern markets, with a consistent focus on profitable growth.” Deutsche Ruck will enter these markets as a financially strong capacity provider.
The reinsurer has appointed Mr Tarik Aouad as head of Middle Eastern Markets, reporting to board member Achim Bosch and based in Düsseldorf, Germany, effective from 15 April 2020.
With his 22 years of experience in different reinsurance roles, Aouad is a highly regarded reinsurance professional in the emerging Afro-Asian insurance and reinsurance markets with particular exposure to the Middle East, having previously served these markets as CUO and General Manager at Hannover Re, Germany, as well as COO at Saudi Re in Riyadh. Aouad is a Moroccan and German national and holds a Master’s degree in mathematics, majoring in probability and mathematical statistics, from the University of Munster in Germany.