The Central Bank of Bahrain (CBB) has issued a second licence to global reinsurance giant, Hannover Re.
The new licence allows Hannover Re to establish a branch office in Bahrain, in addition to Hannover ReTakaful, established in Bahrain in 2006. Hannover ReTakaful is the principal underwriter of the firm's global retakaful (Islamic reinsurance) business.
The CBB is processing a number of applications from international insurance groups wishing to establish a base in Bahrain, said Ahmed Al Bassam, director, licensing & policy, at the CBB.
Hannover Re's Bahrain branch will provide conventional reinsurance services throughout the region and beyond, thus enabling the firm to provide its clients with both takaful as well as conventional solutions from a single source in Bahrain.