German reinsurer Deutsche Rückversicherung AG (Deutsche Rück) has announced that it will start writing business in the Middle East region from January 1, 2021.
The move, which was approved by Deutsche Rück’s Supervisory Board on 1 April 2020, will allow the group to write business beyond Europe and the Maghreb countries.
The newly created market segment will focus on traditional property and casualty reinsurance business.
Deutsche Rück has appointed Tarik Aouad as Head of Middle Eastern Markets, who brings 22 years of experience in different roles to the company.
Aouad has previously worked in the Afro-Asian insurance and reinsurance markets with particular exposure to the Middle East.
His prior roles include CUO and General Manager at Hannover Re, Germany, as well as COO at Saudi Re in Riyadh.
Based in Düsseldorf, Germany, Aouad will report to Achim Bosch, member of the Board of Executive Directors at Deutsche Rück.
“We are excited to have Tarik Aouad on the Deutsche Rück team,” said Bosch. “His knowledge and experience will greatly enhance our ability to fulfil our mission by adding value for our customers and the Deutsche Rück Group.”
“This step is consistent with our established strategy in non-life reinsurance lines,” Bosch continued.
“As from 1 January 2021, we will start writing Standard Property and Casualty business in selected Middle Eastern markets, with a consistent focus on profitable growth.”