BEST RE Relocates HQ To Malaysia, Eyes US$1 Billion GWPs In Five Years
KUALA LUMPUR, Dec 10 (Bernama) -- Retakaful group BEST RE, which has decided to move its headquarters to Labuan from Tunisia, is expected to rake in US$1 billion (US$1=RM3.10) in gross written premiums (GWPs) from Malaysia operations in the next five years.
Its chairman, Dr Saleh J. Malaikah, said the company's GWPs were expected to touch US$350 million by year-end.
"After 25 years of achievement in Tunisia, BEST RE relocates to Malaysia and expects to keep the momentum by achieving even better performance in the years to come," he told a media briefing here Friday.
He said to strengthen the company's presence in Malaysia, BEST RE has allocated US$150 million for its new entities operating in Labuan -- BEST RE (L) Ltd and BEST RE Family (L) Ltd.
"They represent a combined investment of US$150 million, with the property and casualty company capitalised at US$140 million and the family retakaful US$10 million," he said.
Saleh said the retakaful industry recorded over 20 per cent growth annually and this momentum was expected to continue on continuous demand for retakaful products.
"The global industry value is estimated at between US$8 billion and US$9 billion and Malaysia is expected to see solid growth in line with the growth," he said.
He said todate, the Malaysian operations accounted for about two-thirds of the company's portfolio.
"BEST RE has launched its first regional office in Labuan some 10 years ago. This move has proved to be a great success," he said.
BEST RE, owned by Dubai-based takaful and retakaful group, SALAMA Group, covers more than 90 countries through regional offices in Malaysia, Lebanon, Turkey, Senagal, Mauritius and two contact office in China and the Philippines.