About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivaled risk-related expertise and its sound financial position. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyber-attacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
About Hannover Retakaful B.S.C. (c) (HRT)
Hannover Retakaful B.S.C. (c) (HRT) is a fully owned subsidiary of the Hannover Re Group. The Group established HRT in 2006 to cater to growing Islamic business, thereby becoming the first major international reinsurance group to devote itself to this emerging market. In 2013, the company set up offices in Labuan, Malaysia to serve the need of the Malaysian takaful market.
HRT was set up with an authorised capital of USD 135 million and fully paid up capital of USD 54 million, formally registered on 3 October, 2006 in Bahrain. The company is licensed by the Central Bank of Bahrain to provide retakaful services. It operates internationally offering family, property and casualty retakaful services.
HRT conducts all facets of its business strictly in line with Sharia principles as advised by its Sharia Supervisory Board (SSB) which comprises of world renowned Sharia scholars namely Dr. Mohammad Ali Elgari, Mufti Hassan Kaleem and Sheikh Faizal Manjoo. The Scholars bring to the company a wealth of knowledge, expertise and guidance required for conducting operations strictly in line with Sharia principles. In addition the company has appointed an independent Sharia Audit firm to audit its compliance with Sharia.
HRT services over 200 partners from Bahrain across the globe. It is the largest retakaful operators worldwide with leading activities particularly in the GCC, Malaysia and North Africa.