CBB grants second licence to Hannover Re

The new licence allows Hannover Re to establish a branch office in Bahrain, in addition to Hannover ReTakaful, established in Bahrain in 2006. Hannover ReTakaful is the principal underwriter of the firm's global retakaful (Islamic reinsurance) business.

"The CBB is delighted to support Hannover Re in expanding its Bahrain operations," said Mr. Ahmed Al Bassam, Director, Licensing & Policy, at the CBB.

"This points to the tremendous prospects of the region's insurance industry. It also reinforces Bahrain's reputation as a mature and well-regulated jurisdiction for financial services."

The CBB is processing a number of applications from international insurance groups wishing to establish a base in Bahrain, he said.

Hannover Re Bahrain branch will provide conventional reinsurance services throughout the region and beyond, thus enabling Hannover Re to provide its clients with both takaful as well as conventional solutions from a single source in Bahrain.

Mr. Andre Arrago, Member of Hannover Re's Executive Board, said: "The insurance market in the region is evolving rapidly and it makes sense for Hannover Re to be at the forefront of this evolution."

Mr. Mahomed Akoob, Managing Director of Hannover ReTakaful and the designated General Manager of Hannover Re's Bahrain branch, said this is a further step in the right direction in supporting the insurance and reinsurance development in the market.

He said the Group received outstanding support and cooperation from the CBB in facilitating the licensing of the Bahrain branch, which will be Germany-based Hannover Re's only office in the Middle East region.

Hannover Re, with gross premiums of around 9 billion euro (US$12 billion), is one of the leading reinsurance groups in the world. Founded in 1966, it transacts all lines of non-life and life and health reinsurance and maintains business relations with more than 5,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in around 20 countries with a total staff of roughly 2,000.