Malaysian Re & Pacific Life Re extend Islamic reinsurance programme
Malaysian Reinsurance Berhad (Malaysian Re) and Pacific Life Re’s Singapore Branch will continue their project offering Islamic reinsurance retakaful, according to terms of a memorandum of understanding signed and announced by the two side.
The collaboration was initially established in 2019 and since then, Malaysian Re’s retakaful division has worked with Pacific Life Re to provide family retakaful solutions utilising technology solutions powered by UnderwriteMe, Pacific Life Re’s fully-owned subsidiary.
The MoU was signed by Ahmad Noor Azhari Abdul Manaf, president & chief executive officer (CEO), Malaysian Re, and Vasan Errakiah, managing director, protection, Asia, Pacific Life Re.
Abdul Manaf said: “The collective capabilities and mutual support garnered from both Malaysian Re and Pacific Life Re have allowed us to deliver exceptional retakaful solutions to the diverse needs of the customers. Within the first five years of this collaboration Malaysian Re has expanded not only its takaful business, but also the conventional business and we look forward to unlocking new opportunities from the extension of this collaboration.”
He added: “Combining both Malaysian Re and Pacific Life Re’s strengths and advantages, we are well-positioned to continue to provide innovative retakaful solutions to address complex risk challenges faced by the industry as well as promote the benefits of retakaful to a larger pool of industry players.”
Errakiah said: “This collaboration underscores the shared vision and commitment of both Malaysian Re and Pacific Life Re to meet the demands of the sector and contribute to enhancements of retakaful solutions. By combining our expertise, we are confident that we will continue to deliver greater value to our customers and contribute to the development of a robust and innovative retakaful market.”
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