Africa Re’s first office outside Africa opens in DIFC

DUBAI: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia ( MEASA) region has welcomed 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 will provide Conventional and Takaful reinsurance capacity to the whole Middle East region from DIFC. The firm has over a decade of providing Retakaful products which are Shariacompliant and essential for Takaful companies to meet their business requirements.

Takaful sustained growth globally has been supported by growing demand for ethical financial services from Muslims and non-muslims across the GCC, Southeast Asia and Africa. The GCC Takaful market saw its aggregate net profit surge by 74.3 per cent year-on-year to $414 million in 2019, according to the full-year 2019 results announced by the 47 publicly listed Takaful operators across the region. The UAE represented the second largest market ater Saudi Arabia.

DIFC is recognised as the leading reinsurance hub in the MEASA region and now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities, including four of the top five global insurance companies. In 2019, the DIFC reported record gross writen premiums, up 17.4 per cent year-on-year.

Arif Amiri, CEO of DIFC Authority said: “We are pleased to welcome Africa Re to DIFC, especially as they have chosen us for their first office outside the African continent. Offering conventional and Takaful products provides additional choice and we hope Africa Re will work with DIFC and the other firms in our ecosystem to develop the future of the region’s reinsurance sector.