News Reinsurance19 Sep 2022

Asia:German reinsurer Deutsche Rückversicherung expands to the region

| 19 Sep 2022

Mr Tarik Aouad


German reinsurer Deutsche Rückversicherung will start writing business in Asia, starting with selected markets in South, Southeast and East Asia.

Deutsche Rück, based in Düsseldorf, will focus on traditional property and casualty business in the newly launched market segment. With a view to the upcoming renewals in 2023, Deutsche Rück plans to start writing standard property and casualty business in selected markets in Asia, subject to regulatory formal authorisations, with a consistent focus on profitable growth.

Deutsche Rück will operate from its head office in Düsseldorf and enter these markets as a financially strong capacity provider.

Mr Tarik Aouad, who has been the head of Middle East markets at Deutsche Rück since 2020 and successfully managed Deutsche Rück’s market entry in that region, has been appointed the Managing Director for the newly formed Middle East/Asia department. He reports to board member Achim Bosch.

With more than two decades of experience in different reinsurance roles, Mr Aouad is a highly regarded reinsurance professional in the emerging Afro-Asian insurance and reinsurance markets. With particular exposure to the Middle East and Asia, he has previously served these markets in several senior executive management positions. He is a Moroccan and German national and holds a Master’s degree in mathematics.

Deutsche Rück is a highly specialised risk manager, one of the few not publicly traded, midsized reinsurance companies, and part of the German Savings Banks Finance Group. The reinsurer occupies a leading position in its domestic market.

Asia

In Asia, Deutsche Rück directs its attention towards local and regional primary insurers.

“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,” said Mr Aouad. Over the last decade, Deutsche Rück has been underwriting property and casualty reinsurance risks across the entire European market and in recent years has ventured further into international markets, such as the Maghreb region, the Middle East, and Latin America.

“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,” said Mr Bosch.

Deutsche Rück and its subsidiary Deutsche Rückversicherung Switzerland offer reinsurance cover in the European insurance market and selected international markets. In 2021, the Deutsche Rück Group generated gross premiums of about EUR1.4bn.

The rating agency Standard & Poor’s regularly confirms its “A+” rating with a “stable” outlook for the Group, emphasising Deutsche Rück’s sustainable and strong capital base, risk-adequate underwriting and a conservative strategy for the recognition of reserves.

 

| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.

Other News

Follow Asia Insurance Review