ACR considers strategic alliance with Islamic reinsurer

ACR ReTakaful SEA said that the company was in talks to enter into a strategic alliance with an Islamic reinsurer in Malaysia, which would likely take place in September.

The company also estimated yearly growth for takaful at 20% in Malaysia and up to 15% in Indonesia.

Source: Business Times

ACR Targets Malaysia, Indonesia and Brunei

ACR ReTakaful SEA will focus on Malaysia and Indonesia markets which have potential growth rate of 20% or more and 30% or more respectively.

Brunei is another market that ACR ReTakaful SEA willl target.

Year to date, ACR ReTakaful SEA has collected RM20 mil in contributions, this compares with 18-month target of US$40 mil to US$60 mil.

During the initial period, ACR ReTakaful SEA can also accept halal risk from conventional insurers.

Source: Business Times

ACR ReTakaful's Rating

ACR ReTakaful SEA Berhad has been assigned a financial strength rating of 'A-' (Excellent) and an issuer credit rating (ICR) of "a-" by A.M. Best.

Source: Insurance Journal

ACR ReTakaful Receives Licence

ACR ReTakaful SEA Bhd has received an operating licence from BNM. ACR ReTakaful would be capitalised at RM325 mil and the licence allows them to offer retakaful solutions and services to the South-East Asian market.

Source: The Star

ACR - World's Largest Retakaful Group

ACR Retakaful Holdings Ltd is now the world's largest retakaful group, with a capital base of US$300 mil and 2 operating companies in Kuala Lumpur and the Middle East.

The shareholding structure of ACR Retakaful:

• Khazanah - 40%
• Dubai Banking Group - 40%
• ACR - 20%

However, because Khazanah also owns 32% of ACR, effectively Khazanah is the largest shareholder of ACR Retakaful with effective stake of 46.4%.

Source: The Star

ACR Retakaful

Business Times reported that Khazanah will set up the 3rd retakaful operator in Malaysia named ACR Retakaful.

• Capital of US$100 mil.


• Owned by Khazanah (40%), Dubai Islamic Investment Group Ltd (40%) and Asia Capital Reinsurance Group Ptd Ltd (ACR) (20%).


• Operational license expected to be granted by end of May 2008.


• Zainal Abidin Mohd Noor, the former CEO of Etiqa, is expected to be the chief.

Source: Business Times