KUALA LUMPUR (June 19): Malaysian Reinsurance Bhd (Malaysian Re) and the Singapore branch of Pacific Life Re Ltd have recently signed an extension of a memorandum of understanding (MOU) on providing sustainable retakaful solutions to takaful operators.

In a joint statement last week, the companies said this collaboration was first established in 2019, and since then, Malaysian Re through its retakaful division had worked with Pacific Life Re to provide family retakaful solutions, leveraging Pacific Life Re’s global experience and technology solutions powered by its fully owned subsidiary UnderwriteMe.

Additionally, this collaboration had facilitated knowledge exchange, particularly of in-depth technical knowledge and shariah advanced practice, said the companies.

The MOU was signed by Malaysian Re president and chief executive officer Ahmad Noor Azhari Abdul Manaf, and Pacific Life Re managing director of protection in Asia Vasan Errakiah.

Ahmad Noor Azhari said the collective capabilities and mutual support garnered from both Malaysian Re and Pacific Life Re had allowed the company to deliver exceptional retakaful solutions to customers with diverse needs.

“Within the first five years of this collaboration, Malaysian Re has expanded not only its takaful business, but also the conventional business, and we look forward to unlocking new opportunities from the extension of this collaboration,” he said.