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Al Fajer Re is the first independent reinsurance company to obtain an "A-"rating by a globally recognized rating agency and the first retakaful company to be granted an "A-" as a start-up. The company provides Shari'ah-compliant reinsurance protection, predominantly on a treaty basis, to non-life risks.
Salaam al Shaksy, CEO, Dubai Banking Group, said:
"This strong rating is an important and impressive first step for Al Fajer Re. With its compelling skill sets and our firm support, the company can only enhance the quality and professionalism in the Middle Eastern retakaful market. It is clear there are tremendous opportunities ahead in this rapidly growing regional reinsurance sector and, accordingly, Al Fajer Re looks forward to addressing the requirements of its prospective client base."
Earlier this year, Dubai Group acquired a 51%controlling stake in Al Fajer Re whose core business model is to initially focus on property and engineering, marine, casualty and motor retakaful, and to eventually cover family retakaful in the subsequent years. Underlying the company's development is an in-depth strategy of diversification along the current lines of business and geographical spread, allowing its product portfolio to be more adaptable to market conditions.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.
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Posted by Siba Sami Ammari
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