JCC Reinsurance expanding ops

Reinsurance broker and consultant JCC Reinsurance Ltd (JCC Re) is looking to further strengthen its foothold domestically and abroad. 

Coinciding with the granting of four new takaful licences by Bank Negara, the company early this month received approval from the regulatory authorities for the launch of its new retakaful broking division - JCC Retakaful. 

JCC Re general manager and JCC Retakaful chief executive Ahmad Zabidi Ismail said the company was now talking to some new takaful operators to offer them retakaful broking services. 

“We have just started talking to some of the new takaful entrants and hope to offer our services to them. After years of handling retakaful and retro takaful services, we are confident of offering our assistance in reinsurance planning and strategy to those entering or contemplating entering the takaful business,'' he said during an interview. Retro takaful means reinsurance of retakaful. 

According to Zabidi, apart from some local takaful operators, one of the company's main clients is Labuan-based Asean Retakaful International Ltd, a major retakaful company in Malaysia which provides insurance for takaful operators. 

On the international front, JCC Re has operations in Indonesia and Sri Lanka and is planning to venture into Brunei, India, Pakistan, Bangladesh and the Middle East. 

Zabidi said the company had commenced discussions with some interested parties in Brunei and hoped to conclude a tie-up this year. 

Among JCC Re's foreign operations, Indonesia is the largest.  

Zabidi said Indonesia now had 27 takaful or syariah operators of which 16 were general takaful players and the remaining were life takaful operators. 

He felt takaful would be the next big thing in Malaysia and globally in the next decade.  

He said: “There are now nine takaful players in Malaysia and with the number of banks offering Islamic banking services on the rise, I reckon that takaful business will grow by leaps and bounds. 

“On the International front, some of the leading reinsurers have set up or are planning to set up takaful divisions, hence lending credence to the potential of the takaful business.” 

JCC Re (formerly known as CRS Insurance Services Ltd) was incorporated in Labuan and started operations in 1984. Apart from being a reinsurance and retakful broker, it is also a risk manager. 

DALJIT DHESI 

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