September 24, 2014
PEMBROKE, Bermuda — PartnerRe today announced that it has entered into a partnership with Moroccan insurer MAMDA (Mutuelle Agricole Marocaine d’Assurance) and French reinsurer MCR (La Mutuelle Centrale de Réassurance) to establish MAMDA RE, a new reinsurance company dedicated to agricultural risk in Africa.
Domiciled in Morocco, MAMDA RE will benefit from CFC (Casablanca Finance City) status. Subject to regulatory approvals, the operations of the new company are expected to commence in the 1st quarter of 2015.
Commenting on this new venture, Rinat Bektleuov, Head of Agriculture Global, PartnerRe, said “With the creation of MAMDA RE we’re providing customized agriculture insurance products to a broader farming community in Morocco and enabling agriculture producers in other African countries to grow their business by benefitting from best practices in subsidized insurance. To achieve this PartnerRe will contribute with our in-depth expertise in agriculture to develop new products and opportunities for the African continent while providing the technical expertise to help underwrite and manage the risk.”
Charles Goldie, Deputy CEO Global Non-life and Head of Global Specialty Lines, PartnerRe, added, “This new venture with MAMDA, one of our longstanding clients, reflects our focus on long-term partnerships to build broad, innovative solutions that go well beyond simply providing capacity. In addition to the agricultural expertise we bring to this partnership, we will also look at expanding the offering to include both life and non-life insurance products that would further stabilize and grow the farming community in Africa.”
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PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines in its Non-life operations, mortality, longevity and accident and health in its Life and Health operations, and alternative risk products. For the year ended December 31, 2013, total revenues were $5.5 billion. At June 30, 2014, total assets were $23.4 billion, total capital was $7.7 billion and total shareholders’ equity attributable to PartnerRe was $6.9 billion.
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