Bahrain- domiciled reinsurer Trust Re is reportedly planning to shut down underwriting activities at its Labuan and Morocco branch offices, in a move to centralise all operations at its head office.
According to the reports, the company will also stop underwriting both Facultative Aviation and Liability lines of business, as part of its strategic plan.
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Once all activities are centralised at its head office in Bahrain, the company plans to implement its restructured operational model.
The restructured model is aimed at profitability, cost management and maximising core strengths of the business.
Trust Re Group CEO Talal Al Zain has been quoted by The Insurer as saying: “Europe and Central Asia have been and continue to be important markets for Trust Re, and we are deeply appreciative of all the support we have received over the years. Many of our relationships in Europe stretch back to when our Company was founded in 1989.
“I would like to take this opportunity to thank our colleagues at the Branch for their tireless contributions to deepen and expand Trust Re’s relationship with our clients in Europe and Central Asia”
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By GlobalDataThe reinsurer said it will continue to offer the same level of services and responses to its customers in Asia, Africa and in all other lines of business.
Last year, Nest Investment Holdings, the parent company of Trust Re, injected $130m replacement funds into the reinsurer.
