The Middle East is strategically important to Hannover Re and has been transacting for decades in the region. The establishment of the Bahrain Branch in 2008 to transact local business was therefore the natural progression of this development.
This move reinforced Hannover Re's commitment towards the region. The local presence assists the Bahrain Branch in fostering closer relationships with clients. This is a fundamental element of a successful business relationship. It also helps the Branch understand the local market dynamics better in order to innovate and customise solutions to clients' needs and requirements.
The Branch ended its first year of operations in 2008 with Written Premium of EUR 40 million.
At the core of Bahrain Branch's activities is a client oriented approach that stresses the cultivation of mutually beneficial profit and growth opportunities. The office considers its client relationship as long term partnership which is nurtured with transparency and proactive approach. This is possible with a clear channel of communication working both ways to ensure continuous flow of feedback for optimum result. Knowledge of local and international market helps the company understand various implications and is able to take pre-emptive measures proactively to provide reinsurance solutions which meet the changing market dynamics.