Nigeria-based Africa Reinsurance Corporation has joined the Dubai International Financial Centre (DIFC) and will operate as ‘Africa Re Underwriting Agency Ltd (Africa Re).’
Nigeria-based Africa Reinsurance Corporation has joined the Dubai International Financial Centre (DIFC) and will operate as ‘Africa Re Underwriting Agency Ltd (Africa Re).’ The company will provide conventional as well as sharia-compliant reinsurance services to the Middle East region.
Africa Re, which is expanding to select markets in Asia, Brazil and the Middle East, specializes 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.
“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,” said Arif Amiri, CEO of DIFC Authority, in a statement.
The Lagos-based firm seeks to take advantage of the rising demand for Takaful or sharia-compliant insurance in the Gulf, South East 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 results announced by publicly listed Takaful operators across the region last year.
The UAE represented the second largest market after Saudi Arabia.
“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,” said Amiri.