Doha, Qatar 27 March 2011: Chedid Re has strengthened its presence in the financial services market by utilizing the insurance transaction software Qatarlyst to provide advanced business processing solutions to its growing client base.
Chedid Re partners now benefit from the decision to adopt Qatarlyst, a new solution developed by the Qatar Financial Centre Authority (QFC Authority) to streamline insurance transactions through the intelligent use of sophisticated yet accessible technology.
Commenting on Chedid Re's decision to introduce Qatarlyst, Managing Director Mr. Jihad Ghanem said: "Our growth plans across all our markets and products are keeping pace with the market developments. This growth cannot be achieved without state-of-the-art technology. So, we believe that the Qatarlyst solution is the right choice which will provide key benefits for all Chedid Re stakeholders".
Qatarlyst is a web-based solution accessed via a standard web browser from anywhere in the world, making it both cost-effective and ideal for Chedid Re transactions. With robust security architecture and the ability to link directly and securely to in-house systems, Qatarlyst offers the flexibility of the web with the stability of high-cost internal systems and architectures.
James Sutherland, Qatarlyst's Chief Executive Officer, said: "We are delighted that Chedid Re has selected Qatarlyst to help them improve efficiency, manage information and control their (re)insurance placement and acceptance activities. Chedid Re's decision proves that leading brokerage firms have identified Qatarlyst as a trusted business partner offering a winning combination of flexibility and security."
One of the MENA regions fastest growing reinsurance brokers, Chedid Re delivers comprehensive reinsurance and retrocession treaty and facultative solutions to over 170 insurance companies spread in 22 countries in the MENA region and Europe through offices in Beirut, Dubai, Limassol and Riyadh. Chedid Re has won the prestigious Reinsurance Broker of the Year award from the MENA Insurance Awards in both 2010 and 2011.
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About Qatarlyst
Qatarlyst S.P.C. is ultimately owned by the Qatar Financial Centre (QFC) Authority. It has been established to underpin Qatar's commitment to developing into a leading reinsurance and captive insurance hub.
Qatarlyst, has worked closely with some of the region's most influential and important insurance and reinsurance companies, as well as leading brokers, to create a solution that boosts operational productivity, accelerates placement and acceptance at the same time as increasing management knowledge and control in the rapidly growing reinsurance and large commercial risk markets of the Middle East.
About Chedid Re
Chedid Re is one of the fastest growing reinsurance brokers in the Middle East North Africa region ("MENA") and is renowned for the quality of its services, placement of complex and specialized risks and speed of delivery. Chedid Re was established in Cyprus in 1998 to service a growing demand for a reliable, innovative and professional reinsurance broker/intermediary in the MENA region.
In addition to its reinsurance brokerage activities, Chedid Re has also a longstanding successful track record as an approved Lloyd's correspondent cover-holder. Chedid Re is thus authorized by different Lloyd's syndicates and by other regional and international reinsurers to underwrite risks, enter into contracts of reinsurance, and issue reinsurance documentation on their behalf.
Today, Chedid Re delivers comprehensive reinsurance solutions to over 170 insurance companies in MENA and Europe through offices in Beirut, Dubai, Limassol and Riyadh.
For more information, please visit www.chedidre.com
Contact:
James Sutherland
Chief Executive Officer of Qatarlyst
Email: j.sutherland@qatarlyst.com
Telephone: +974 4496 8305
Khalid Al Mughesib
Deputy CEO of Qatarlyst
Email: k.mughesib@qatarlyst.com
Telephone: +974 4496 8314
Krikor Khatchikian (for Chedid Re)
Senior account manager
Cohn&Wolfe Public Relations
Telephone: +974 4428 3177
Email: krikor.khatchikian@cohnwolfeqatar.com
© Press Release 2011
