Company Focuses On Agricultural Risk In Africa
Bermuda-based PartnerRe has revealed that it has entered into a partnership with Moroccan insurer MAMDA [Mutuelle Agricole Marocaine d’Assurance] and French reinsurer MCR [La Mutuelle Centrale de Réassurance] to establish MAMDA RE, a new reinsurance company dedicated to agricultural risk in Africa.
Domiciled in Morocco, MAMDA RE will benefit from CFC [Casablanca Finance City] status. Subject to regulatory approvals, the operations of the new company are expected to commence in the 1st quarter of 2015.
Commenting on this new venture, Rinat Bektleuov, Head of Agriculture Global, PartnerRe, said, “With the creation of MAMDA RE we’re providing customized agriculture insurance products to a broader farming community in Morocco and enabling agriculture producers in other African countries to grow their business by benefiting from best practices in subsidized insurance.”
A.M. Best TV interviews PartnerRe Global CEO Emmanuel Clarke regarding MAMDA RE initiative:
“To achieve this PartnerRe will contribute with our in-depth expertise in agriculture to develop new products and opportunities for the African continent while providing the technical expertise to help underwrite and manage the risk.”
Charles Goldie, Deputy CEO Global Non-life and Head of Global Specialty Lines, PartnerRe, added, “This new venture with MAMDA, one of our longstanding clients, reflects our focus on long-term partnerships to build broad, innovative solutions that go well beyond simply providing capacity.
“In addition to the agricultural expertise we bring to this partnership, we will also look at expanding the offering to include both life and non-life insurance products that would further stabilize and grow the farming community in Africa.”
