CASABLANCA, Morocco--(BUSINESS WIRE)--Trust International Insurance and Reinsurance Company B.S.C. (c) (Trust Re www.trustre.com) and Casablanca Finance City Authority (CFCA www.casablancafinancecity.com) announced the granting of CFC status to Trust Re. The public limited company, Trust International Insurance and Reinsurance Company S.A. will function as a regional office to serve Trust Re’s clients in North, Central and West Africa.
Under the CFC status, Trust Re will enjoy significant advantages including being part of Morocco’s financial landscape. Trust Re will also deliver value-added services to Casablanca Finance City’s ecosystem in terms of technical and actuarial training to other insurance entities.
Commenting on achieving CFC status, Mr. Fadi AbuNahl CEO, Trust Re, said: “The CFC was naturally Trust Re’s preferred option for establishing a physical presence on the African continent. We believe in its position as a regional hub of professional and financial institutions with straightforward regulations”. Mr. AbuNahl further expressed his confidence in Morocco as a whole by praising the Kingdom’s political stability and strong economy.
He concluded by saying “A key element of Trust Re’s business strategy is focusing on Customer Partnerships. With CFC status, we are now well placed to engage even more closely with our business partners in North, Central and West Africa”.
Mr. Said Ibrahimi, CEO of CFCA said: “We are very pleased that Trust Re, a specialist reinsurance company with its Head Office in Bahrain and which has established itself as a regional leader, has recently been granted CFC Status.
This further supports Casablanca Finance City’s positioning as an African platform, which brings together high profile Middle-East businesses that wish to invest in our continent’s potential.
Trust Re was incorporated in 1989 as a reinsurance company based in the Kingdom of Bahrain, with branches in Labuan, Malaysia and Cyprus. With a paid up capital of US$ 140 million, Trust Re earned its recognition as a solid and reliable security through its long-term professional commitment to the Insurance & Reinsurance Industry.
Casablanca Finance City Authority, is a public private partnership dedicated to positioning Casablanca as an international financial center, and a premier gateway into African markets for financial institutions, regional headquarters of multinational corporations, and professional services firms.