MANAMA, 17 July 2007 — The Central Bank of Bahrain (CBB) has issued a second license to global reinsurance giant, Hannover Re. The new license 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 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 the company to provide its clients with both takaful as well as conventional solutions from a single source in Bahrain. “The insurance market in the region is evolving rapidly and it makes sense for Hannover Re to be at the forefront of this evolution,” said Andre Arrago, a member of Hannover Re’s executive board.
