Bermuda-based PartnerRe has established a strategic partnership with Chedid Re, one of the largest reinsurance brokers in the MENA region, to provide PI and D&O capacity in the region.
The long-term agreement will see PartnerRe provide capacity to a management general agency to underwrite commercial professional indemnity (PI), single project PI; commercial PI annual cover; directors and officers insurance for commercial and financial institutions, and PI for financial institutions from the Middle East, Turkey, Greece and Cyprus.
The coverage is being offered by PartnerRe Wholesale, a new division established by the re/insurer to service the liability market.
Commenting on the partnership, Marc van der Veer, general manager PartnerRe Wholesale, notes: “The Middle East region is witnessing unprecedented opportunities due to its growing economy. Together with Chedid Re, a leading regional industry player, we will be able to target the SME segment and grow our financial lines business.”
Farid Chedid, chairman and CEO of Chedid Re adds: “We bring to the region the capacity of one of the largest and most solid reinsurer in the world. We and PartnerRe are committed to empowering our customers – insurance companies –by offering them professional advice, wide-range services and highly rated security.”
PartnerRe, Chedid Re, MENA, reinsurance, professional liability