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Tunis Re's retakaful business grows 62%

Tunis Re's retakaful business grew 62% year-on-year to TND1.38 million (US$880,000) in turnover in 2012, on the back of more intense marketing efforts and an increase in portfolio.



“We are seeing a continuous growth in respect of the retakaful market,” said Mrs Lamia Ben Mahmoud, Chairwoman of Tunis Re in an interview with Middle East Insurance Review. “Since the launch of Tunis Retakaful in 2011, we have adopted a competent marketing strategy towards the takaful operators; our underwriters are committed to making periodic visits to our partners and to be present in various Arab and African meetings.”

The company’s retakaful portfolio has grown from TND 1 million in the first year of business to TND 3 million this year, she added.

“Our strategy for this line of business is to reinforce our presence in the Tunisian market, especially after the establishment of two other local takaful companies, and to extend our capacity to potential partners mainly from the Arab, African and Asian markets,” said Mrs Ben Mahmoud.

Tunisia currently has one takaful operator, Zitouna Takaful, with two more waiting to enter the market.

MENA Insurance CEO Club welcomes Mr Fahad Al-Hesni as new member

The MENA Insurance CEO Club (MICC) has welcomed Mr Fahad Al-Hesni, Managing Director and CEO of Saudi Re, as one of the new members to be inducted in 2013.

This brings the Club’s exclusive membership to 17. There are several more in the process of finalising their membership and more waiting to join the Club to serve the region’s dynamic growth and development.

Mr Al-Hesni is the first CEO from a Saudi Arabia-based company to become a member of the MICC. Dr Bassel Hindawi, Steering Committee Member said: "Fahad is a well-known industry figure who has many years of diversified experience in the insurance industry in the MENA region. With his rich experience, we trust that he will contribute significantly towards the Club's mission of serving as a think tank to shape and spearhead the future development of the regional insurance industry."

Mr Al-Hesni enjoys many years of diversified experience in the (re)insurance industry in the MENA region. He started his insurance career in Tawuniya in 1994 and progressed into different business and technical functions, culminating with the position of Vice President – Property & Casualty. In 2011, Mr Al-Hesni became Managing Director and CEO of Saudi Re.