Partners in Risk Since 1972 Corporate Brochure
CONTENTS ABOUT US 4 About Kuwait Re 5 Rating 5 Vision & Mission 6 Values 8 Financial Indicators 11 Reinsurance 15 Treaty 16 Property 18 Engineering 20 Casualty 22 Political Violence 24 Downstream Energy 26 Upstream Energy 28 Renewable Energy 30 Marine 13 Life 14 Retakaful 15 CONTACT US 38
A- (EXCELLENT) A.M. Best ABOUT US Kuwait Re is a leading provider of reinsurance services, serving insurance companies worldwide to the highest standards by providing reliable, tailored risk transfer solutions over a variety of industries. Operating within an environment of fairness, transparency and reliability, we work alongside our clients to ensure that risk is not only controlled, but also used as an integral tool to guarantee growth and expansion. With offices in both Kuwait and Malaysia, Kuwait Re aims to become a reinsurer of preference. Financial Strength Ratings: Kuwait Re has earned a financial strength rating of A- (Excellent) with a stable outlook by A.M. Best. Kuwait Re s parent company, Al Ahleia Insurance Company, maintains its A- rating from Standard & Poors. The State of Kuwait has an AA sovereign rating from Standard & Poor s, reflecting the country s financial position and political stability. 4 5
VISION To Be A Reinsurer Of Preference. VISION & MISSION MISSION To serve insurance companies in Kuwait and abroad to the highest standards by providing optimal, reliable, and innovative reinsurance solutions, using sophisticated data analysis systems and granting the maximization of our shareholders wealth. Working within an environment of fairness, transparency and responsibility, we go out of our way to contribute to the insurance industry and the welfare of the society in which we operate. In doing so, we aim to attract and develop world class talent in the insurance industry and to create a professional and attractive work environment, using our knowledge and expertise to provide accessible reinsurance services worldwide. 6 7
Dynamic: Agility and responsiveness are key principles within Kuwait Re that promote lean structures and real-time decision making. Furthermore, we invest in the continuous development of technical knowledge and expertise in the ever-changing reinsurance field, aspiring to become a leading resource in reinsurance. Inclusive: We take pride in the development of local community and local talent, promoting a company culture of corporate entrepreneurship. By linking rewards to individual achievements and VALUES business results, we promote ownership and empower our people to continuously be on the path of self-improvement. Solid: At Kuwait Re, we recognize transparency & reliability are the backbone of our business, ensuring open and honest communication both internally and externally and continuously fulfilling our promises and obligations, and creating a sustainable bond with our clients. Always in the pursuit of excellence, we achieve business targets and strive to exceed both our and our clients expectations to be the preferred reinsurance partner. 8 9
FINANCIAL INDICATORS 10 11
FINANCIALS in millions USD 2015 2016 2017 Gross Written Premium 130 96 116 Net Profit/Loss 11 6 10 Net Profit ratio (NP/NEP) 9% 6% 11% Return on Equity (NP/Avg SHE) 8% 5% 7% Combined Ratio 96% 97% 98% Paid up-capital 49 49 54 Shareholders Equity 138 140 151 Invested assets 237 250 272 Investment funded by technical reserves 138 141 161 Investment funded by shareholder s equity 99 109 110 Gross Written Premium (in millions USD) Net Profit/Loss (in millions USD) 130 116 96 2015 2016 2017 11 10 6 Security Rating A.M. Best has reaffirmed a financial strength rating of A- (Excellent) and an issuer credit rating of A- to Kuwait Reinsurance Company. The outlook assigned to both ratings is stable. 2015 2016 2017 12 13
REINSURANCE 14 15
TREATY Kuwait Re offers a very broad spectrum of treaty reinsurance coverage, almost all over the world, on both proportional and non-proportional basis. Proportional Treaty: Property, Engineering and Casualty: USD 3.5 million per treaty Marine: USD 2.1 million per treaty Non- Proportional Treaty: Property, Engineering and Casualty (Risk / Cat): USD 4.5 million per program Marine (Risk / Cat): USD 3.5 million per program GCC Middle East Asia Pacific Africa Central Eastern Europe and CIS countries Sunil Kola Manager Treaty T. +965 222 99 684 E. sunil.kola@kuwaitre.com Wanee Mohd Rashid Senior Underwriter Treaty E. wanee.mohdrashid@kuwaitre.com 16 17
PROPERTY We provide reinsurance solution in a variety of property lines ranging from named perils to Property All Risks, Industrial All Risks including Business Interruption with extension to cover Machinery Break-down and Machinery Loss of Profit (MBD/MLOP). The treasure of our experience in property underwriting enables us not only to share our knowledge and technical expertise but also to allocate meaningful capacity on a wide spectrum of risks like simple residential and commercial risks to large industrial and manufacturing risks. USD 40 million on PML Basis Middle East Africa Eastern Europe Russia and CIS Asia Xavier P.K Head of Facultative Underwriting T. +965 222 99 671 E. xavier.pk@kuwaitre.com Abdullah Al Ahmad Underwriter- Property T. +965 222 99 673 E. abdullah.alahmad@kuwaitre.com Rakesh Krishnan Underwriter - Property T. +965 22299674 E. rakesh.krishnan@kuwaitre.com Asshibullah Mohd Dom Underwriter - Property & Engineering E. asshi.mohddom@kuwaitre.com Cynthia Yeong Senior Underwriter - Property & Engineering E. cynthia.yeong@kuwaitre.com 18 19
ENGINEERING Our engineering team have been involved in various projects across the globe providing risk solutions through multi line insurance products. Our support on the construction extends from small and medium size projects to very challenging and complex nature of construction/erection works with long term exposure. USD 40 million on PML Basis Middle East Africa Eastern Europe Russia and CIS Asia Xavier P.K Head of Facultative Underwriting T. +965 222 99 671 E. xavier.pk@kuwaitre.com Stephen Joseph Senior Underwriter - Engineering & Casualty T. +965 22299640 E. stephen.joseph@kuwaitre.com Cynthia Yeong Senior Underwriter - Property & Engineering E. cynthia.yeong@kuwaitre.com Asshibullah Mohd Dom Underwriter - Property & Engineering E. asshi.mohddom@kuwaitre.com 20 21
CASUALTY With clients all over the world and with the experience that we have gained over the decades we provide support and employ our capacity across a variety of activities. We offer 10 year ERP under PI insurance for Architects and Engineers. USD 5 million per risk Middle East Africa Eastern Europe Russia and CIS Asia Xavier P.K Head of Facultative Underwriting T. +965 222 99 671 E. xavier.pk@kuwaitre.com Stephen Joseph Senior Underwriter - Engineering & Casualty T. +965 22299640 E. stephen.joseph@kuwaitre.com Asshibullah Mohd Dom Underwriter - Property & Engineering E. asshi.mohddom@kuwaitre.com 22 23
POLITICAL VIOLENCE With growing uncertainty in the political arena across the globe, business around world is facing political risks and our aim to give our clients the confidence to conduct business in the region, resting assured in the case of a sudden change in environment. We provide cover for standalone Terrorism to Political Violence extended to include Business Interruption. USD 5 million Middle East Abdullah Al Ahmad Underwriter- Property T. +965 222 99 673 E. abdullah.alahmad@kuwaitre.com 24 25
DOWNSTREAM ENERGY Our downstream energy team specializes in delivering reinsurance solutions for all aspects of oil, gas and petrochemical operations such as complex refining of crude oil, cracking of hydrocarbons into the many petrochemicals, storage and transportation of oil, gas and petrochemicals. We can protect owners and operators of oil and gas downstream assets against all risks property physical loss or damage and resulting business interruption and also loss of revenue following an insured event. Cover is available on a quota-share (proportional) or excess of loss (non-proportional) basis in supporting multinational/multilocation or location specific programmes with a focus on clients with operations in Middle East, Africa, Asia, Eastern Europe, Russia and CIS. is granted either on a lead basis or following a recognized leading market. USD 35 million Middle East Africa Eastern Europe Russia and CIS Asia Hassan Yousif Head of Global Energy T. +965 222 99 690 E. hassan.yousif@kuwaitre.com Abdulwahab Marafi Senior Underwriter - Downstream Energy T. +965 222 99 691 E. abdulwahab.marafi@kuwaitre.com 26 27
UPSTREAM ENERGY Our upstream energy team specializes in delivering reinsurance solutions for national oil companies, major integrated energy companies, independent operators and drilling contractors involved in the exploration and production of oil and gas all over the globe. We can provide cover for all risks property physical loss or damage including machinery breakdown, business interruption or loss of hire or production, legal and contractual liabilities and construction all risks. Cover is available on a worldwide basis for a quota-share (proportional) or excess of loss (non-proportional) basis in supporting multinational/multilocation or location specific programmes. is granted either on a lead basis or following a recognized leading market. USD 20 million Worldwide Hassan Yousif Head of Global Energy T. +965 222 99 690 E. hassan.yousif@kuwaitre.com Abdullah Aryan Underwriter- Upstream Energy T. +965 222 99 694 E. abdullah.aryan@kuwaitre.com 28 29
RENEWABLE ENERGY In this rapidly growing sector, our specialize team can offer solutions related to renewable and alternative energy such as those that focus on wind, solar and Hydroelectric operational projects. We can protect owners and operators of renewable operational facilities against all risks property physical loss or damage and resulting business interruption and also loss of revenue following an insured event. Cover is available on a quota-share (proportional) or excess of loss (non-proportional) basis in supporting multinational/multilocation or location specific programmes with a focus on clients with operations in Middle East, Africa, Asia, Eastern Europe, Russia and CIS. is granted either on a lead basis or following a recognized leading market. USD 40 million Middle East Africa Eastern Europe Russia and CIS Asia Abdulwahab Marafi Senior Underwriter - Downstream Energy T. +965 222 99 691 E. abdulwahab.marafi@kuwaitre.com 30 31
MARINE Cargo We provide insurance cover against physical loss or damage to goods and equipment whilst in transit. Clients range from small and medium sized enterprises to multinational companies. Coverage can be on primary or excess basis. Worldwide predominantly in Middle East African countries Indian subcontinent CIS countries US$ 7 Million per Bottom Limit Worldwide predominantly in Middle East African countries Indian subcontinent CIS countries Hull US$ 7 Million based on Singleton or Top Fleet Value Liability We provide insurance cover against physical loss or damage to goods and equipment whilst in transit. Clients range from small and medium sized enterprises to multinational companies. Coverage can be on primary or excess basis. US$ 5 Million Geographical scop: Worldwide predominantly in Middle East African countries Indian subcontinent CIS countries Xavier P.K Head of Facultative Underwriting T. +965 222 99 671 E. xavier.pk@kuwaitre.com Mohammed Qureshi Senior Underwriter- Marine T. +965 222 99 669 E. mohammed.qureshi@kuwaitre.com 32 33
LIFE We are proud to offer innovative life reinsurance solutions at both facultative and treaty arrangements. With a specific focus on the Middle East, we offer life reinsurance solutions that meet the growing demand in the region. Our coverages reinsure group standard employee benefits, borrowers credit protection, and also include individual life products. USD 1 million per life for Natural Death USD 3 million per life for Accidental Death and other riders USD 10 million Maximum Accumulation limit for any one event Middle East Turkey Salman Al Madhi Assistant Manager- Life Reinsurance T. +965 222 99 616 E. salman.almadhi@kuwaitre.com 34 35
RETAKAFUL We are proud to be a leading cross-boarding Re-Takaful operator in the region, offering duly compliant Re-Takaful services since 2007. With over a decade of experience, we provide our clients with solutions built on years of technical expertise, a commitment to financial strength, and an understanding of Sharia complaint products and Models. Facultative USD 40 million GCC Middle East Asia Pacific Africa Abdallah Badaoui General Manager - Malaysia E. abdallah.badaoui@kuwaitre.com Wanee Mohd Rashid Senior Underwriter Treaty E. wanee.mohdrashid@kuwaitre.com Cynthia Yeong Senior Underwriter - Property & Engineering E. cynthia.yeong@kuwaitre.com Asshibullah Mohd Dom Underwriter - Property & Engineering E. asshi.mohddom@kuwaitre.com 36 37
CONTACT US Head Office Kuwait city, Sharq, Al shuhadaa street, Kuwait Re Tower T. +965 22299666 E. kre@kuwaitre.com Asia A-27-8, Level 27, Menara UOA Bangsar l No. 5, Jalan Bangsar Utama 1 59000 Kuala Lumpur, Malaysia E. abdallah.badaoui@kuwaitre.com 38
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