Kuala Lumpur, 14 June 2024 – Malaysian Reinsurance Berhad (“Malaysian Re”) and Pacific Life Re Limited, Singapore Branch (“Pacific Life Re”) had recently signed an extension to the Memorandum of Understanding (“MoU”) on providing sustainable retakaful solutions to Takaful Operators.
This MoU was signed by Ahmad Noor Azhari Abdul Manaf, President & Chief Executive Officer of Malaysian Re, and Vasan Errakiah, Managing Director, Protection, Asia of Pacific Life Re. Also present at the ceremony were Datuk Johar Che Mat, Chairman of Malaysian Re, Zaharudin Daud, President & Group Chief Executive Officer of MNRB Holdings Berhad, Mohammad Nizam Yahya, Senior Vice President & Head of Malaysian Re Retakaful Division and Wallace Ong Tze Chon, Head of Southeast Asia, Protection, Pacific Life Re.
This collaboration was first established in 2019 and since then, Malaysian Re through its retakaful division, Malaysian Re Retakaful Division (“MRRD”), has worked with Pacific Life Re to provide family retakaful solutions leveraging on Pacific Life Re’s global experience and technology solutions powered by UnderwriteMe, Pacific Life Re’s fully owned subsidiary.
Additionally, this collaboration has facilitated knowledge exchange particularly on in-depth technical knowledge and shariah advanced practice.
Commenting on the collaboration, Ahmad Noor Azhari said, “The collective capabilities and mutual support garnered from both Malaysian Re and Pacific Life Re have allowed us to deliver exceptional retakaful solutions to the diverse needs of the customers. Within the first five (5) years of this collaboration Malaysian Re has expanded not only its takaful business, but also the conventional business and we look forward to unlocking new opportunities from the extension of this collaboration”.
“Combining both Malaysian Re and Pacific Life Re’s strengths and advantages, we are well-positioned to continue to provide innovative retakaful solutions to address complex risk challenges faced by the industry as well as promote the benefits of retakaful to a larger pool of industry players,” added Ahmad Noor Azhari.
Vasan Errakiah commented, “This collaboration underscores the shared vision and commitment of both Malaysian Re and Pacific Life Re to meet the demands of the sector and contribute to enhancements of retakaful solutions. By combining our expertise, we are confident that we will continue to deliver greater value to our customers and contribute to the development of a robust and innovative (re)takaful market”.
Both Malaysian Re and Pacific Life Re are recognised by major rating agencies. Malaysian Re, the largest national reinsurer in Southeast Asia by assets, has a financial strength rating of A by Fitch Ratings and A- by A.M. Best. Pacific Life Re, a global life reinsurer, is rated AA- (stable) by Standard & Poor’s.
About Malaysian Re
Malaysian Reinsurance Berhad (Malaysian Re) is the largest national reinsurer (by asset) in the ASEAN region. Malaysian Re underwrites all classes of general reinsurance business as well as general and family retakaful businesses through its retakaful division. Leveraging on its breadth and depth of experience and expertise, excellent ratings and proven record of accomplishment, Malaysian Re has grown in stature as an international player having established a strong market presence in Asia Pacific and the Middle East with an emerging footing in Europe. Malaysian Re is a wholly owned subsidiary of MNRB Holdings Berhad (MNRB).
About Pacific Life Re
Pacific Life Re provides mortality, morbidity, and longevity reinsurance products, funded and capital solutions and works with clients in Asia, the UK and Europe, Australia, and North America. Pacific Life Re is a wholly owned subsidiary of Pacific Life.