Deutsche Rück expands reinsurance business in emerging economies
From 2024 Deutsche Rückversicherung AG (Deutsche Rück) will start underwriting life reinsurance business in selected countries in the Middle East and North Africa, a move first revealed by Intelligent Insurer.
The move is part of the Deutsche Rück Group's international expansion strategy.
Deutsche Rück has been underwriting property and casualty reinsurance risks throughout Europe for the last ten years. Since 2020, it has expanded its international business to the markets of the Maghreb, the Middle East, Latin America and most recently South, East and Southeast Asia.
In life reinsurance, Deutsche Rück has to date been operating in Germany and Austria and is well established in these markets. It will now diversify its life portfolio internationally as well, with a focus on the countries of the Gulf Cooperation Council (GCC). The selected target markets also include the Maghreb countries of Morocco, Algeria and Tunisia.
Michael Rohde (pictured), member of the board of executive directors and responsible for Deutsche Rück’s life business, said: “Without exception, the target countries are all emerging economies with a growing middle class, rising incomes and continuous asset growth. The Deutsche Rück Group will position itself purely as a retrocessionaire with a focus on sustainable, profitable growth.
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