News Middle East06 Oct 2020

UAE:Africa Re sets up office in DIFC for Middle East expansion

| 06 Oct 2020

Africa Reinsurance Corporation (Africa Re) Group, the largest reinsurer in Africa, has established its first office outside Africa in the Dubai International Financial Centre.

The business is now expanding, open to select markets in Asia, Brazil and the Middle East. Over the last 44 years, Africa Re has focused on developing the insurance and reinsurance industry to support African economic development. Africa Re has over a decade of providing retakaful products which are Shariah-compliant and essential for takaful companies to meet their business requirements.

Africa Re’s areas of expertise include underwriting proportional and non-proportional (marine and non-marine) treaty business, offshore and onshore energy including oil, gas, petrochemicals, power and other utilities, as well as general property.

Mr Arif Amiri, CEO of DIFC Authority, said, “We are confident that Africa Re will benefit from the increasing demand for capacity in the market, especially in Islamic finance, and use their expertise to shaping the future of the sector.”

Dr Corneille Karekezi, group managing director/CEO of The African Reinsurance group, said, “Africa Re considers DIFC as a first step, to be followed by further steps for other financial hubs across the world. Africa Re may be new to DIFC but has never been new to the Middle East which Africa Re supported for the last 20 years. Africa Re was closely observing the withdrawal of reinsurance/retakaful capacities from the Middle East hence a decision was taken to join DIFC in order to be in proximity to our clients and fill any gap in capacity.”

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