Malaysia-incorporated Mandarin Re, an international property and casualty general reinsurer, has received regulatory approval to establish a retakaful window.
In a statement, the reinsurer said that this was an important milestone for the company as it expands its reinsurance capabilities into retakaful. ”We are taking another step toward supporting underserved markets and providing Shariah-compliant reinsurance capacity,” the statement said.
The retakaful window follows two rounds of capital increases by the company so far this year. In February, Mandarin Re raised its paid-up capital to $23.5m from $20m. In August, the capital was increased to $26m. The capital increases reinforce the company’s financial strength and support the next stage of the reinsurer’s long-term growth strategy.
Established in 2015, Mandarin Re provides disciplined underwriting and reinsurance capacity across global markets, working with partners across Europe, Latin America, the Middle East, Asia and other key regions.