Capitalizing on its IPO in April, the Tunisian reinsurance company, Tunis Re has obtained the certification to the financial standard MSI 20000 which devotes its financial strength and opens-up broader perspectives. After Banque de Tunisie, the first bank to have this certificate, Tunis Re is the first to get this label in the reinsurance sector.
The certificate was presented to Mrs Lamia Ben Mahmoud, CEO of Tunis Re, on behalf of the "Institut de la Bourse" (Paris), awarding body, during a ceremony graced by the presence of Mr. Abdellatif Chaaban, president of the General Committee for Insurance, Ferid El Kobbi, chairman of the Financial Market Council, Youssef Kortobi, Chairman of Tunis Stock Exchange (BVMT), Mohamed Bichiou, General Manager of Tunis Stock Exchange, Mansour Nasr, Chiarman of the Tunisian Federation of Insurance Companies (FTUSA) Adel Grar, Chairman of the Stock Exchange Brokers Association (AIB), Chiheb Ghandour, auditor and the first president CEO of Tunis Re, M. Taoufik Driss.
While paying tribute to the founders and all the staff, Mrs Ben Mahmoud stressed the fact that "Tunis Re, which operates since its foundation in 1981, in an open environment, characterized by perpetual movement, managed to cope with foreign competition and played the role of professional reinsurer, leader in its market. Today, she added, the company hopes to position itself as a point of reference in the international market thanks to its know-how, business expertise, marketing efforts, and the relevance of its subscription policy and the mastered management of its risks. "
On the other hand, Mr Skander Souheil, representative of the certifier, managing Director of Maghreb Corporate, congratulated Tunis Re of the successful completion of this certification, which illustrates its performance and augurs major developments.
A sharp increase in 2010
During 2010, Tunis Re continues its dynamic way as illustrated by financial indicators fixed at September 30th 2010. Thus, the turnover has grown from 49% over the second half of the year and by 14% over the same period, last year. This improvement applies to both Tunisian and foreign markets that has evolved respectively by 36% and 80% compared to June 30th 2010.
Net premiums progressed by 60% compared to June 30th 2010, the retention rate was thus improved by 4 points to reach 56%.
The financial products developed to 32% in comparison with the second half of 2010 and 12% over the same period last year to $ 3,161,191 dinars on September 30th 2010.
As to cost of damages, it has evolved from 47 166 million dinars compared to the same period last year, and this, following the occurrence of the Aviation disaster of Mauritania AW's which was widely supported by the handover to an amount 44 000 million dinars, keeping the level of net load loss at the same level as recorded in September 30th 2009.
Moreover, Tunis Re is getting ready to strengthen its expansion in sub-Saharan Africa, while engaging in prospecting Asian markets.
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© Press Release 2010
