Malaysian Re and Pacific Life Re Limited, Singapore Branch have signed an extension of their Memorandum of Understanding (MoU) on providing sustainable retakaful solutions to Takaful Operators.
This collaboration was first established in 2019, and since then, Malaysian Re’s Retakaful Division (MRRD) has worked with Pacific Life Re to provide family retakaful solutions.
It has reportedly done this by leveraging Pacific Life Re’s global experience and technology powered by UnderwriteMe, Pacific Life Re’s fully-owned subsidiary.
The extension of this MoU was signed by Ahmad Noor Azhari Abdul Manaf, President & CEO of Malaysian Re, and Vasan Errakiah, Managing Director, Protection, Asia of Pacific Life Re.
Also present at the ceremony were Datuk Johar Che Mat, Chairman of Malaysian Re, Zaharudin Daud, President & Group Chief Executive Officer of MNRB Holdings Berhad, Mohammad Nizam Yahya, Senior Vice President & Head of Malaysian Re Retakaful Division, and Wallace Ong Tze Chon, Head of Southeast Asia, Protection, Pacific Life Re.
Commenting on the collaboration, Ahmad Noor Azhari 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 (5) 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”.
Ahmad Noor Azhari 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.”
Vasan Errakiah noted, “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 (re)takaful market.”
