Africa Re chooses Dubai International Financial as its first operations center...

Africa Re chooses Dubai International Financial as its first operations center...
Africa Re chooses Dubai International Financial as its first operations center...
The International Financial Center has welcomed the accession of the African Reinsurance Company to the list of companies headquartered in the center. A statement issued yesterday stated that the company’s office will act as the Africa Re-IPO Limited (Africa Re), while its office in Dubai International Financial is its first office outside Africa.

Africa Re

The statement pointed out that the company has worked over the past 44 years to enhance its contributions to the development of the insurance and reinsurance sector, to support the economic development process witnessed by African countries.

Africa Re has pioneering experience in providing a range of services, including underwriting of relative and non-relative agreements (marine and non-marine), energy insurances (offshore and non-marine), including oil, gas and petrochemicals, solar and renewable energy projects, mega power plants, and business Energy-related infrastructure, as well as general property insurance, and has experience in providing Takaful reinsurance solutions and services in compliance with the provisions of Islamic law.

Additional options

Arif Amiri, CEO of the DIFC Authority, said: “We are pleased to welcome Africa Re to the DIFC, and to choose the financial center as a destination to launch its first offices outside of Africa.”

He explained that the provision of conventional and takaful insurance services provides additional options, expressing his hope that Africa Re will work with the Dubai International Financial Center and other companies to develop and strengthen the reinsurance sector in the region in the future.

He added, “We are fully confident that (Africa Re) will work to benefit from the growing demand in the market, especially with regard to Islamic finance.”

Out of Africa

For his part, the Director General, Managing Director and CEO of the African Reinsurance Company, Dr. Cornell Karikizi, said: “We are delighted to join the Dubai International Financial Center and choose it as the first operations center outside Africa.”

He added, “As one of the top 50 global reinsurance companies, launching our services from the center comes as a first step, which will be followed by other steps to establish our presence in other financial centers in the world.”

He continued: “We are confident that, through our presence in (Dubai International Financial), we will work to strengthen the traditional and takaful insurance markets, while supporting and developing the Takaful insurance system as a global system, and removing the obstacles it is currently facing in the Middle East region.”

It is noteworthy that the DIFC provides an ideal and integrated work environment that brings together an independent global regulatory body and an effective judicial system based on the principles of English common law, in addition to a vibrant business community, with a workforce of more than 25,000 employees with more than 2,500 active and registered companies.

100 companies

Dubai International Financial is a center for many reinsurance companies in the Middle East, Africa and South Asia. It is now home to more than 100 insurance and reinsurance companies, and restricted and insurance-related financing companies, including four of the five largest global insurance companies. In 2019, the center announced an increase in gross written premiums by 17.4% year-on-year.

Africa Re has experience in Takaful reinsurance services.

The company has experience in underwriting relative and non-relative agreements and energy insurances.

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