Dubai Group launches largest reinsurance firm with capital of Dh1 billion

HE Mohammed Al Gergawi, Chairman, Dubai Holding

Dubai Group, the leading diversified financial services company of Dubai Holding, has announced the launch of ACR ReTakaful Holdings Limited, the world's largest reinsurance company with a paid-up capital of Dh1 billion. The reinsurance firm is a joint venture between Dubai Group, Khazanah Nasional Bhd, the investment arm of the Malaysian Government and Singapore-based Asia Capital Reinsurance (ACR).

HE Mohammed Al Gergawi, Chairman, Dubai Holding, said, "We are pleased to announce this landmark joint venture with our Malaysian and Singaporean partners. The deal reflects Dubai Holding's commitment to strategic investments within the reinsurance business regionally and globally".

ACR ReTakaful will focus on general (non-life), non-cyclical and large specialty risks in infrastructure and transportation industries such as aviation, marine, energy and engineering and will lead the way in channeling these traditional risks from the conventional market into Islamic compliant takaful channels.