Chedid Re signed a long term partnership agreement with the global reinsurer PartnerRe Wholesale, a new business unit of PartnerRe which offers insurance coverage especially for financial institutions. The partnership aims to provide the required capacities to underwrite commercial professional indemnity, and offer annual coverage for employees in the commercial, financial, and professional sector.

Farid Chedid, Chairman of Chedid Re, said: “We will offer our customers, who are insurance companies, professional advice and a wide range of services.”

The agreement also covers financial institutions present in the Middle East, Turkey, Greece, and Cyprus. Marc Van Der Veer, General Manager of PartnerRe Wholesale, said: “The Middle East is witnessing unprecedented opportunities due to its growing economy. We will be able to target the SME segment and grow our financial lines business.”

Chedid Re is a reinsurance brokerage company that delivers reinsurance and facultative solutions to over 270 insurance companies spread in 22 countries in the MENA region and Europe through offices in Beirut, Dubai, Limassol, and Riyadh.