ACE has received a license from the Tunisian Ministry of Finance to set up its reinsurance operation in the country, which is part of its continued strategy to boost business across Middle East and North Africa (MENA) region.
The global multiline property and casualty insurer said that the permission was granted under the country’s offshore regulations for facultative reinsurance business.
New reinsurance branch office in Tunisia is likely to open in autumn 2013, which will be headed by Kamal Kaabi, a senior insurance and reinsurance executive with 16 years of insurance industry expertise.
In 2011, Kaabi joined ACE after working with insurance firms, including Tunis Re, Africa Re and AIG in Tunisia, Bahrain and Saudi Arabia.
Besides underwriting reinsurance business within Tunisia, the proposed office will act as a hub for servicing the facultative reinsurance needs of North Africa, throughout various business segments including, growing energy, power, construction and infrastructure sectors.
ACE MENA regional managing director Steve Dixon said that there is no substitute for an on the ground presence in order to operate effectively in each of its target markets in MENA.
"By establishing a presence in Tunisia under Kamal’s leadership, we can better serve our clients and brokers in the country and throughout North Africa," Dixon added.
Having operations in 53 nations, ACE delivers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.