The Group will provide both conventional and Retakaful capacity
Dubai International Financial Centre (DIFC) has welcomed the Lagos, Nigeria-based Africa Reinsurance Corporation (Africa Re) Group. The business will operate as Africa Re Underwriting Agency Limited (Africa Re) and the DIFC presence is their first office outside Africa.
Over the last 44 years, Africa Re has focused on developing the insurance and reinsurance industry to support African economic development. The business is now expanding, open to select markets in Asia, Brazil and the Middle East.
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.
Africa Re has over a decade of providing Retakaful products which are Sharia-compliant and essential for Takaful companies to meet their business requirements.
“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,” stated Arif Amiri, CEO, DIFC Authority.
“We are pleased to join DIFC and consider it as our first destination outside Africa. As one of the top 50 global reinsurers, Africa Re considers DIFC as a first step to be followed by further steps for other financial hubs across the world,” commented Dr. Corneille Karekezi, Group Managing Director & CEO, The African Reinsurance Group.
