Morocco’s CDG Reinsurance Arm Partners with ASR to Expand Regional Operations

Rabat – Societe Centrale de Reassurance (SCR), the reinsurance arm of Morocco’s state-owned CDG Group, entered a deal with Africa Specialty Risks (ASR), a pan-African reinsurer to expand its regional operations.

According to a joint press release, the partnership would focus on expanding the two companies’ operations across Africa and the Middle East.

ASR stated that the partnership shows the two firms’ commitment to developing and accelerating their presence across the African and Middle Eastern markets.

Reinsurance refers to insurance policies that are bought by insurance companies themselves, often to protect themselves in the event of major claims event.

Commenting on the news of the partnership, ASR CEO Mikir Shah said: “Partnering with SCR is an exciting time for ASR as the Group continues to protect the African continent from a range of risks, while simultaneously extending our presence and expertise in the Middle East.”

Shah added that the partnership “increases the protection” SCR provides international and African organizations.

“We look forward to working with SCR, the continent’s first Arab reinsurer and second largest African reinsurer, and continuing our work in filling the insurance gap in Africa and the Middle East,” he said.

For his part, SCR CEO Youssef Fassi Fihri noted that the partnership with ASR is a “testament” to SCR’s 2021-2023 strategic plan “We Transform Tomorrow Together” and reflects the company’s “commitment to strengthening the positioning of SCR internationally while partnering with like-minded business partners.”

Morocco’s SCR is a national and continental leader in the reinsurance market. The Moroccan reinsurer recently gained a triple-A rating from Fitch Rating, who affirmed that it enjoys a stable outlook.

In a report published in August, Fitch highlighted the sound investment strategy of SCR, maintaining that its investment strategy is “prudent” compared to domestic peers.