ACR ReTakaful MEA has been named Takaful Reinsurer of the Year at the 2011 MENA Insurance Awards.

The award was presented to ACR ReTakaful MEA in a ceremony in Dubai.

This vote of recognition from the insurance industry acknowledges ACR ReTakaful MEA's commitment to support its clients through innovative approaches, in the delivery of high quality Sharia-compliant insurance to the market.

The award also highlights ACR ReTakaful MEA's strong financial performance in its core insurance business and its proven track record of success.

'We are pleased to receive this nod of affirmation from our industry partners,' ACR ReTakaful MEA chief executive Jonathan Wilton said.

'Having grown from strength-to-strength and deepened our market understanding in the last three years of operations, we are well-positioned to bring security and value to our takaful partners in the Middle East.

'To this end, we look forward to playing a bigger role in the development of new Sharia-compliant products and distribution channels.

'This will ultimately contribute to building a strong and vibrant takaful industry,' he added.

Bahrain-based ACR ReTakaful MEA is part of the highly-capitalised ACR ReTakaful network which offers retakaful capacity to the Middle East and Southeast Asia markets.

'The Central Bank of Bahrain (CBB) is pleased to have ACR ReTakaful MEA recognised by this prestigious award and will endeavour to continue working with the industry to enhance the takaful and retakaful industry, CBB insurance supervision directorate chief Nader Al Mandeel said.

'The growing capacity of retakaful companies has helped the takaful industry seek proper mechanisms to place risks underwritten by takaful companies,' he added.-TradeArabia News Service