Africa Re picks Dubai for Middle East expansion

Africa Reinsurance Corporation (Africa Re) has established a company to operate within the Dubai International Financial Centre (DIFC), as part of its strategy to expand in select markets in Asia, Brazil and Middle East.

The business will operate as Africa Re Underwriting Agency and the DIFC presence marks its first office outside Africa.

Africa Re will provide conventional and Takaful reinsurance capacity to the whole Middle East region from DIFC. The firm has over a decade of experience in providing Retakaful products which are Sharia-compliant and essential for Takaful companies to meet their business requirements.

The reinsurer specialises in 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.

DIFC is a financial centre in the Middle East, Africa and South Asia (MEASA) region.

Corneille Karekezi, group managing director/CEO of the African Re, said: “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. 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 such gap of capacity through providing leading opportunities as support to all our longstanding clients in the Middle East.

“We are confident that Africa Re’s existence in DIFC would further enhance both Conventional and Takaful markets, and develop/readjust the Takaful market and Takaful model in the Middle East.”

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.

“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.”