Bahrain-based t'azur Company has signed an Islamic re-insurance agreement with Hannover Retakaful, the Bahrain-based Islamic subsidiary of Hannover Re.

'We are pleased to enter into this agreement with Hannover Retakaful, a highly regarded A rated re-insurance company,' said t'azur chairman Dr Shaikh Abdulaziz bin Naif Al Orayer.

'Today it is particularly important to partner with a solid retakaful operator and together with Hanover Re we can confidently meet the market challenges and grow our business further,' he added.

'This agreement is an important milestone in Hannover Re's collaboration with the GCC takaful insurance market,' said Hanover Retakaful managing director Mahomed Akoob.

'We are proud to partner with t'azur putting in place one of the first fully Islamic retakaful panels in the GCC region,' Akoob added.

'We have a very close relationship with t'azur and look forward to developing and strengthening our association further,' added Hannover Re general manager Tarik Aouad.-TradeArabia News Service