Deutsche Rück to enter Middle Eastern markets in 2021

German reinsurer  Deutsche Rück plans to start writing traditional property and casualty reinsurance business in selected Middle Eastern markets from January 2021, as part of its strategy to expand outside its core markets.

The company's supervisory board approved the underlying business plan for market entry into the Middle East region on 1 April 2020, allowing the Deutsche Rück Group to write business beyond Europe and the Maghreb countries.

The reinsurer has appointed Tarik Aouad as head of Middle Eastern markets, reporting to board member Achim Bosch and based in Düsseldorf, Germany, effective 15 April 2020.

Aouad has 22 years of experience in different reinsurance roles in the emerging Afro-Asian insurance and reinsurance markets with particular exposure to the Middle East, having previously served these markets as CUO and general manager at Hannover Re, Germany, as well as COO at Saudi Re in Riyadh.

Bosch said: “We are excited to have Tarik Aouad on the Deutsche Rück team. His knowledge and experience will greatly enhance our ability to fulfil our mission by adding value for our customers and the Deutsche Rück Group."

“This step is consistent with our established strategy in non-life reinsurance lines,” he added. “As from 1 January 2021, we will start writing Standard Property and Casualty business in selected Middle Eastern markets, with a consistent focus on profitable growth.” Deutsche Rück will enter these markets as a financially strong capacity provider.