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- Muharraq Reinsurance Company
Counterparty · Reinsurer
Muharraq Reinsurance Company
Muharraq Reinsurance Company provides reinsurance and takaful-compatible cover for the group's Gulf exposures and participates on the treaty panel behind the livestock and aquaculture programmes written through the Bermuda vehicles. The relationship began in 2024 when the Manama office opened. Muharraq currently participates on US$26 million of reinsured risk, split between political risk on Gulf receivables and livestock disease.
The relationship
Cover that is compatible with Islamic finance principles is a condition for many Gulf institutions to invest in the group's insurance-linked vehicles. Muharraq structures its participation accordingly and the Bahrain regional treasury holds the collateral. Bermuda and Manama between them give the group two reinsurance markets, priced independently, which is a discipline in itself.
Services to IGUAKO and its clients
- Reinsurance of livestock disease and aquaculture mortality
- Political risk cover on Gulf trade receivables
- Takaful-compatible participation structures
- Collateral arrangements through the Bahrain treasury
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