Eurobase Insurance Solutions Wins Al Fajer Re Business in Rapidly Growing Gulf Region

Published 9th May 2008

Al Fajer Re, the retakaful company launched recently in the Gulf region, has selected the Synergy RI system from Eurobase to handle its end-to-end business processing requirements. Al Fajer Re is the first retakaful company to be licensed in Kuwait. It provides reinsurance in compliance with Islamic law, taking full account of local laws and regulations.

Jan Davis, CEO of Al Fajer Re, said “We selected Synergy RI because it is a proven reinsurance solution offering the scalability and flexibility required to support our planned growth and diversification, moreover it can be implemented within the rapid timescales demanded by a start up company.”

Synergy RI offers real-time monitoring of risk exposure with automatic exception flagging, providing secure access to critical business information for users, their customers and business partners. Based on multiple levels of authorisation, Synergy RI ensures maximum user control while offering powerful, real-time management information, graphics and reporting functions that deliver a clear understanding of the reinsurance business profile. The system is highly flexible and can be accessed remotely over private networks and the internet.

Commenting on the win, Maryann Fitzgerald, Director of Insurance Sales at Eurobase, said: “Al Fajer Re is a strongly capitalised business offering important specialist and technical underwriting skills to the Middle Eastern business community from its Kuwait base. The inherent flexibility of the Synergy RI system will cater for both takaful and traditional business lines and will be delivered to in line with the demanding timescales that meet the company’s plans for growth.”