Bahrain domiciled reinsurer Trust Re has announced that it plans to cease underwriting activities from its Labuan and Morocco branch offices, instead centralising all operations to its head office.
The move comes as part of a new strategic plan that will also see the company stop underwriting both Facultative Aviation and Liability lines of business.
Once all activities are centralised at the head office in Bahrain, Trust Re will look to implement its restructured operational model, which focuses on profitability, cost management and maximising core strengths.
The reinsurer has reaffirmed its commitment to continue providing the same level of services and responses to its customers in Asia, Africa and in all other lines of business.
This announcement follows an eventful year for Trust Re in 2019, after Talal Al Zain was appointed as the company new Group Chief Executive Officer (CEO), succeeding Fadi Abunahl who had held the role for the previous 12 years.
After this, parent company Nest Investment Holdings Ltd. injected $130 million of replacement funds into the reinsurer and a new executive committee was set up to drive growth.
