(L-R) Mohammad Nizam Yahya, senior vice president & head of Malaysian Re Retakaful Division, Andrew Gill, managing director Asia & Australia of Pacific Life Re, Zainudin Ishak, president & CEO of Malaysian Re, and Vasan Errakiah, head of SEA marketing, product dev & alt distribution, Pacific Life Re, at the signing ceremony of the memorandum of understanding
Malaysian Reinsurance Bhd and Pacific Life Re Singapore have signed a memorandum of understanding to provide retakaful solutions to family takaful operators in Malaysia.
According to a statement by the firms, the partnership is the first between the two parties. Malaysian Re will provide family retakaful solutions through Malaysian Re Retakaful Division (MRRD), while Pacific Life Re will provide support for MRRD’s family takaful business through its technical pricing, underwriting, product development, experience analysis, and global insights.
This will help expand Malaysian Re’s access to international data and harness underwriting technology provided by Pacific Life Re’s fully-owned subsidiary, UnderwriteMe, it said.
“We are delighted to support family takaful solutions in Malaysia as we continue to expand our footprint in Asia,” said Andrew Gill, managing director for Asia & Australia at Pacific Life Re. “By leveraging on Pacific Life Re’s comparative advantages, such as superior data insights and leading technology through UnderwriteMe, we are confident that Malaysian Re will further enhance its market-leading offering to its family takaful operators clients.”
The statement said that the partnership comes at an opportune time, with the family takaful market in Malaysia rapidly expanding. According to projections from Insurance Services Malaysia, the number of family takaful certificates in-force in the country is expected to overtake conventional life insurance by 2030.
