The German reinsurer Deutsche Rückversicherung AG will start writing business in Asia, starting with selected markets in South, Southeast and East Asia. The Board of Executive Directors has appointed Tarik Aouad to head the joint department for the Middle East and Asia. Deutsche Rück, based in Düsseldorf, will focus on traditional property and casualty business in the newly launched market segment.
With a view to the upcoming renewals in 2023, Deutsche Rück plans to start writing standard property and casualty business in selected markets in Asia, subject to regulatory formal authorisations, with a consistent focus on profitable growth. Deutsche Rück will operate from its head office in Düsseldorf and enter these markets as a financially strong capacity provider.
Tarik Aouad, who has been Head of Middle East markets at Deutsche Rück since 2020 and successfully managed Deutsche Rück’s market entry in that region, has been appointed the Managing Director for the newly formed Middle East/Asia department. He is reporting to Board member Achim Bosch.
With more than two decades of experience in different reinsurance roles, Aouad is a highly regarded reinsurance professional in the emerging Afro-Asian insurance and reinsurance markets. With particular exposure to the Middle East and Asia, he has previously served these markets in several senior executive management positions. Aouad is a Moroccan and German national and holds a Master’s degree in mathematics.
“We are very pleased to have Tarik lead Deutsche Rück’s market entry in Asia,” said Achim Bosch, member of the Board of Executive Directors. “His valuable knowledge and experience in the Asian markets will greatly help us to share our expertise with local and regional insurance companies throughout the region.”
