PartnerRe links with Chedid Re in MENA

PartnerRe Wholesale, PartnerRe’s new wholesale entity offering financial lines insurance coverage, has entered into a strategic partnership with Chedid Re, one of the largest reinsurance brokerage companies in the MENA region.

Farid Chedid, chairman and chief executive officer of Chedid Re, signed a long term agreement with PartnerRe Wholesale, to provide capacity to a Management General Agency to underwrite commercial professional indemnity (PI), single project PI; commercial PI annual cover; directors’ & officers’ insurance for commercial and financial institutions, and PI for financial institutions from the Middle East, Turkey, Greece and Cyprus.

Chedid said: “We bring to the region the capacity of one of the largest and most solid reinsurer in the world. We and PartnerRe are committed to empowering our customers – Insurance Companies –by offering them professional advice, wide range services and highly rated security.”

Marc van der Veer, general manager PartnerRe Wholesale, said: “The Middle East region is witnessing unprecedented opportunities due to its growing economy. Together with Chedid Re, a leading regional industry player, we will be able to target the SME segment and grow our financial lines business.”