Global insurance group, Ace, has received approval from the Tunisian Ministry of Finance to establish a reinsurance operation in Tunisia. This is in line with the group’s strategy to grow business throughout the Middle East and North Africa (MENA) region.
In addition to underwriting reinsurance business within Tunisia, Ace plans to operate its Tunis office as a hub for servicing the facultative reinsurance needs of North Africa more widely, across a number of business lines including the growing energy, power, construction and infrastructure sectors.
The operation will be headed by Kamal Kaabi, a senior insurance and reinsurance executive with 16 years of insurance industry experience. Kaabi joined Ace in 2011, bringing diverse experience from his time with companies including Tunis Re, Africa Re and AIG in a wide variety of territories including Tunisia, Bahrain and Saudi Arabia. He is a Tunisian national.
“We have a firm belief that there is no substitute for an on the ground presence in order to operate effectively in each of our target markets in MENA. By establishing a presence in Tunisia under Kamal’s leadership, we can better serve our clients and brokers in the country and throughout North Africa,” comments Steve Dixon, regional managing director, Middle East and North Africa at Ace.
“Despite recent uncertainty, we are confident about the long-term economic outlook and insurance opportunity within North Africa. We look forward to developing strong relationships with brokers and cedants in Tunisia and contributing to the continued growth of the wider region’s thriving reinsurance market,” he adds.
The licence has been granted under the country’s offshore regulations for facultative reinsurance business. Ace expects to formally open its operation in Tunisia later this autumn as a branch of Ace American Insurance Company.