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Düsseldorf, 22 September 2020 – Deutsche Rückversicherung will start writing business in the Middle East. The reinsurer has appointed Tarik Aouad as Head of Middle Eastern Markets, reporting to Board member Achim Bosch and based in Düsseldorf, Germany, effective from 15 April 2020. The newly created market segment will focus on traditional property and casualty reinsurance business.
With his 22 years of experience in different reinsurance roles, Aouad is a highly regarded reinsurance professional in the emerging Afro-Asian insurance and reinsurance markets with particular exposure to the Middle East, having previously served these markets as CUO and General Manager at Hannover Re, Germany, as well as COO at Saudi Re in Riyadh. Aouad is a Moroccan and German national and holds a Master’s degree in mathematics, majoring in probability and mathematical statistics, from the University of Münster in Germany.
“We are excited to have Tarik Aouad on the Deutsche Rück team,” said Achim Bosch, member of the Board of Executive Directors at Deutsche Rückversicherung AG. “His knowledge and experience will greatly enhance our ability to fulfil our mission by adding value for our customers and the Deutsche Rück Group.”
Deutsche Rück’s Supervisory Board approved the underlying business plan for market entry into the Middle East region on 1 April 2020. This will allow the Deutsche Rück Group to write profitable business beyond Europe and the Maghreb countries.
“This step is consistent with our established strategy in non-life reinsurance lines,” said Bosch. “As from 1 January 2021, we will start writing Standard Property and Casualty business in selected Middle Eastern markets, with a consistent focus on profitable growth.” Deutsche Rück will enter these markets as a financially strong capacity provider.