KUALA LUMPUR: Malaysian Reinsurance Bhd and the Singapore branch Pacific Life Re Ltd have inked a Memorandum of Understanding (MoU) to provide sustainable retakaful solutions to takaful operators.
In a statement, Malaysian Re’s President and Chief Executive Officer Ahmad Noor Azhari Abdul Manaf said the collaboration has allowed both parties to deliver exceptional retakaful solutions to meet the diverse needs of their customers.
The collaboration was first established in 2019 and since then, Malaysian Re through its retakaful division Malaysian Re Retakaful Division (MRRD) has worked with Pacific Life Re to provide family retakaful solutions leveraging on Pacific Life Re’s global experience and technology solutions powered by UnderwriteMe, Pacific Life Re’s fully-owned subsidiary.
“Within the first 5 years of this collaboration, Malaysian Re has expanded not only its takaful business but also its conventional business and we look forward to unlocking new opportunities from the extension of this collaboration.
“By combining both Malaysian Re and Pacific Life Re’s strengths and advantages, we are well-positioned to continue providing innovative retakaful solutions to address complex risk challenges faced by the industry as well as promote the benefits of retakaful to a larger pool of industry players,” Noor Azhari said.
Meanwhile, Pacific Life Re’s Managing Director Vasan Errakiah said this collaboration underscores the shared vision and commitment of both Malaysian Re and Pacific Life Re to meet the demands of the sector and contribute to the enhancement of retakaful solutions.
“By combining our expertise, we are confident that we will continue to deliver greater value to our customers and contribute to the development of a robust and innovative retakaful market,” he added.
