Swiss Re to set up new Ivory Coast reinsurance underwriting office to expand in Middle East and Africa
Global reinsurer Swiss Re is establishing an underwriting office in Abidjan, Ivory Coast to expand its services in the Middle East and Africa region. The office is expected to be fully operational by 1 October 2019.
Swiss Re has received regulatory approval from the CIMA (Inter-African Conference of Insurance Markets) to set up the new entity.
In addition to core reinsurance services, the company will offer unique transactional opportunities and tailored insurance solutions in full compliance with the regulatory requirements for local presence and operations in the region.
The new entity will be headed by Awa Koné, who is currently head of West Africa for Swiss Re.
"Swiss Re's establishment in Ivory Coast is the next step in Swiss Re's increasing long-term commitment to the Middle East and Africa region," the reinsurer said in a statement. "It is part of Swiss Re's market presence strategy and follows the re-domiciling of Southern African P&C business to South Africa and the creation of Swiss Re Africa in 2018."
Koné said: "Swiss Re is excited about increasing our engagement in the CIMA region. A presence in the Ivory Coast will allow our clients to access the full range of Swiss Re's Reinsurance services."
Beat Strebel, market executive Middle East & Africa, added: "As one of the world's leading risk knowledge companies, our presence in Abidjan means that insurers across the CIMA region will benefit from increased reinsurance opportunities, as well as having access to Swiss Re's cutting-edge research and risk expertise and reinsurance capacity. This move will strengthen the insurance industry in the region."
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