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MENA Financial Directory
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Quick Poll
Are Takaful companies likely to see significant writedowns in 2010 as a result of real estate investments?
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Insurance
New $400 million reinsurance company launched
New company will focus on high-value oil and gas, industrial, utility and transportation assets with $400 million in capital
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| Gulf Reinsurance will initially target high-value oil and gas, industrial, utility and transportation assets. Photograph: Sebastian Terfloth. |
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BNY Mellon Asset Servicing said it has been selected by Gulf Reinsurance to provide global custody, cash sweep fund and securities lending services.
Gulf Reinsurance is a new specialist reinsurer licensed by the DFSA and is based in the DIFC. The company has been established as a 50/50 joint venture by Gulf Investment Corporation, a financial institution owned by the six GCC member states, and Arch Reinsurance Ltd., a Bermuda-based insurance and reinsurance company owned by Arch Capital Group, and will subscribe to a total of $400 million of capital.
Gulf Reinsurance will initially target high-value oil and gas, industrial, utility and transportation assets primarily in the six member states of the Gulf Cooperation Council (GCC). The company will write a broad range of property and casualty lines of reinsurance, including aviation, energy, commercial transportation, marine, engineered risks and property, on both a treaty and facultative basis.
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