German reinsurer Deutsche Rückversicherung AG has announced that it will begin writing standard property and casualty business in selected markets in Asia. Tarik Aouad, who has been Head of Middle East markets at Deutsche Rück since 2020, has been appointed the Managing Director for the newly formed Middle East/Asia department.
In addition to successfully managing Deutsche Rück’s entry into the Middle East market, Aouad holds more than 20 years of experience in various senior reinsurance roles. He is also a Moroccan and German national and has a Master’s degree in mathematics.
Achim Bosch, member of the Board of Executive Directors commented, “We are very pleased to have Tarik lead Deutsche Rück’s market entry in Asia.”
“His valuable knowledge and experience in the Asian markets will greatly help us to share our expertise with local and regional insurance companies throughout the region. The market entry in Asia is a logical step in Deutsche Rück’s strategic international expansion in the non-life reinsurance lines and will contribute to the diversification of our portfolio.”
Aouad added, “The markets in Asia are increasingly considered the future engine of worldwide economic growth with households accumulating wealth and knowledge while the middle class rapidly expands.”
“These positive prospects combined with the relatively low degree of insurance penetration present an opportunity for profitable expansion and further geographic diversification.”
