Reinsurance News
retakaful
Riyadh Re to launch in Saudi Arabia as IA license received
10th November 2025
The Cooperative Insurance Company (Tawuniya) has obtained the necessary license from the Insurance Authority (IA) to establish its new, wholly-owned subsidiary, Riyadh Reinsurance Company (Riyadh Re). Headquartered in Riyadh and incorporated on November 4th, 2025, Riyadh Re is entering the market with a strong capital base of SAR 550 million (approximately ... Read the full article
Malaysian Re and Pacific Life Re extend MoU on sustainable retakaful solutions
14th June 2024
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 ... Read the full article
Oman Re net profit increases 83% in Q1 2024
3rd May 2024
Oman Re, the sole reinsurer in the Sultanate of Oman, has reported a net profit after tax of OMR977K (USD 2.5 million), a remarkable 83% increase compared to the same period last year, when the net profit stood at OMR 534K (USD 1.4 million). Driven by resilient underwriting performance and a ... Read the full article
Oman Re granted Retakaful licence
6th March 2024
Oman Re, the sole reinsurer in the Sultanate of Oman, has announced it has obtained a Retakaful licence by the Capital Market Authority. Granted on 22 February 2024, the licence empowers Oman Re to establish Retakaful operations, further solidifying its position in the market and enabling the provision of Shariah-compliant Retakaful ... Read the full article
SCR approved for Takaful reinsurance operations in Morocco
17th May 2022
Société Centrale de Réassurance (SCR) has obtained the necessary approvals from Morocco's Insurance and Social Security Supervisory Authority (ACAPS) to create a "Retakaful" window, in order to undertake Takaful reinsurance operations in the country. Société Centrale de Réassurance (SCR) is a reinsurance subsidiary of the Caisse de Dépôt et de Gestion ... Read the full article
Morocco’s SCR receives approval for retakaful window
23rd February 2022
Morocco-based reinsurer Société Centrale de Réassurance (SCR), a subsidiary of Caisse de Dépôt et de Gestion, has received agreement from the Insurance and Social Security Supervisory Authority for the creation of a retakaful window to carry out takaful reinsurance operations in accordance with Sharia law. Through the retakaful window in Morocco, ... Read the full article
Ethiopia Re & AlHuda CIBE enter agreement to promote Re/Takaful industry
22nd February 2021
AlHuda CIBE and Ethiopia Reinsurance have entered into an agreement in order to promote the takaful and retakaful industry in the East African and Ethiopian insurance market. Zubair Mughal, CEO of AlHuda CIBE, said that Islamic finance is not only the interest of the Muslim population due to a number of ... Read the full article
Africa Re joins DIFC in Middle East expansion
5th October 2020
Africa Reinsurance Group has selected the Dubai International Financial Centre (DIFC) for its first office outside Africa. DIFC is a financial centre in the Middle East, Africa and South Asia (MEASA) region and says Africa Re will operate as Africa Re Underwriting Agency Limited. Africa Re's focus is on the underwriting of proportional and ... Read the full article
Zurich’s Serena Thio appointed CEO of Munich Re Malaysia
6th January 2020
Global reinsurer Munich Re has announced the appointment of Serena Thio as Chief Executive Officer (CEO) of Munich Re Malaysia, effective January 6th, 2020. In her new role, Thio will report to Tobias Frenz, Munich Re's Managing Director of Life & Health for Southeast Asia, and will be tasked with leading ... Read the full article
Malaysian Re & Pacific Life Re partner to provide retakaful solutions
13th December 2019
Malaysian Reinsurance Berhad (Malaysian Re) and the Singapore branch of Pacific Life Re Limited have signed a Memorandum of Understanding (MoU) to provide retakaful products to Family Takaful Operators. The MoU was signed by Zainudin Ishak, President and Chief Executive Officer (CEO) of Malaysian Re and Andrew Gill, Managing Director Asia ... Read the full article
Allied World establishes retakaful window
2nd May 2019
Global insurer and reinsurer Allied World Assurance Company Holdings, GmbH has announced the development and launch of a new retakaful window by the Labuan branch of Allied World Assurance Company, Ltd. The Labuan Branch retakaful window has been established to take advantage of both consumer and commercial opportunities. According to an announcement ... Read the full article
Islamic insurance demand to drive profits & premium growth: Moody’s
5th April 2019
Growth in global demand for Islamic insurance, also known as takaful, is supporting profitability in the sector and will likely result in moderate premium increases over the next 2-3 years, according to Moody’s Investors Service. Globally, gross takaful premiums, or contributions, increased at a compound annual rate of 9% between 2014 ... Read the full article
Pakistan approves first Islamic reinsurance service
3rd October 2018
Pakistan’s sole reinsurer offering sharia-compliant reinsurance has been granted approval by the country’s capital market regulator as attempts are made to boost the emergent Islamic insurance (takaful) sector, according to reports from Reuters. Takaful windows allows insurers to offer sharia-compliant and conventional products side by side, provided that client money is ... Read the full article
Over-dependence on Quard’ Hasan harming re/takaful sector: A.M. Best
20th August 2018
A.M Best believes that an over-dependence on interest-free loans (Quard’ Hasan) by the Middle East and North America (MENA) re/takaful sector is driving up policyholder deficits and not providing enough incentive for operators to manage their companies effectively. As competitive market conditions create significant underwriting losses, operators’ reliance on the Quard ... Read the full article
Strong re/takaful growth prospects for Islamic finance sector, reports Moody’s
20th March 2018
Moody’s has predicted that the Islamic finance and re/takaful sectors are likely to continue to exhibit strong growth in the coming years, largely driven by fertile growth prospects in Southeast Asia and North Africa. The takaful market, which is the Islamic alternative to insurance, attracted gross premium contributions of US $14.9 ... Read the full article
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