Kathryn Emerson Oct 10, 2016 8:29:53 AM 4 min read

MENA Re selects Eurobase's synergy2

Eurobase International Group is pleased to announce that synergy2, the Insurance solution provided by Eurobase Insurance Solutions, has been selected by MENA Re Underwriters Ltd (MENA Re) to support its requirements for a comprehensive, end-to-end reinsurance administration platform covering underwriting, claims, retrocession and accounting.

Established in the Dubai International Financial Centre (DIFC), MENA Re is 100% owned by Doha Insurance Company(DIC) which holds an “A-“ rating from both S&P and A.M. Best.  

As specialists in providing facultative reinsurance for property, engineering and construction, MENA Re has a core team with over 55 man years’ of solid underwriting experience. With a market reputation built on an exemplary level of transparency and business ethics, MENA Re harnesses its niche regional expertise to support facultative reinsurance solutions relevant to the circumstances and needs of the specific areas in which it engages. Regulated by the Dubai Financial Services Authority (DFSA) its geographical scope includes, but is not limited to: Middle East, North African countries and Pakistan.

With rapid growth in its operations and a strategic investment into growth across its key markets, MENA Re was in need of a single end-to-end administration platform to support its focus on asserting a solid long-term position within the regional reinsurance market.

MENA Re embarked on a thorough process and selected synergy2 in June 2016. Selected for its ability to comprehensively support the processing needs of a reinsurance underwriting operation, synergy2 is an easy to use and intuitive system that delivers timely and accurate information to the business. Given MENA Re’s desire to be up and running quickly, Eurobase worked closely with their management and IT teams to install synergy2 within 3 weeks of being selected – this not only demonstrates the “off the shelf” nature of synergy2 but also the flexibility of Eurobase’s delivery team to work to client specific timescales.

Joe Locke, CEO of Eurobase Insurance Solutions, said, “We welcome Mena Re to our growing community of valued customers in the GCC and we look forward to supporting their growth plans. The selection of Eurobase and synergy2 by Mena Re further emphasises Eurobase’s high level of exposure, trust and industry expertise in the region. Working closely with such esteemed clients as MENA Re showcases the significant value to the region’s financial services sector which synergy2 and the rest of our portfolio of products offer.”

Sanjeev Badyal, CEO of MENA Re Underwriters, said, “MENA Re is delighted to have selected synergy2 from Eurobase to support it in its growth plans in the Middle East. Not only was the core system functionality a key driver but the flexibility in terms of the project approach and the proven nature of Eurobase’s experience in reinsurance were important factors that led us to place our business with them. We were reassured by the fact that Eurobase had other, long-term customers in the Middle East and specifically in Dubai where MENA Re is based too. Being able to demonstrate an understanding of facultative reinsurance for property, engineering and construction was important as was a knowledge of supporting clients in the DIFC under DFSA regulation. Eurobase’s combination of domain expertise and the capabilities of the synergy2 system provided us with a platform that we can use to support us now and as we grow our business in the region. We look forward to a long and close working relationship with the Eurobase team.”