Chedid Re Signs Strategic Partnership With Global Reinsurer PartnerRe

Chedid Re Signs Strategic Partnership With Global Reinsurer PartnerRe

Long-Term Agreement Covers Wide Range of Financial Lines Insurance Coverage

DUBAI, United Arab Emirates, April 15, 2014 (GLOBE NEWSWIRE) -- Chedid Re, one
of the largest reinsurance brokerage companies in the MENA region, announced
that it recently formed a strategic partnership with top global reinsurer
PartnerRe. Farid Chedid, Chairman & CEO from Chedid Re - signed a long term
agreement with PartnerRe Wholesale, a new business unit of PartnerRe, to
provide capacity to a Management General Agency to underwrite commercial
professional indemnity (PI), single project PI; commercial PI annual cover;
directors and officers insurance for commercial and financial institutions,
and PI for financial institutions from the Middle East, Turkey, Greece and

Farid Chedid, Chairman & CEO, Chedid Re said: "We bring to the region the
capacity of one of the largest and most solid reinsurer in the world. We and
PartnerRe are committed to empowering our customers – Insurance Companies – by
offering them professional advice, wide-range services and highly rated

Marc van der Veer, General Manager PartnerRe Wholesale, noted: "The Middle
East region is witnessing unprecedented opportunities due to its growing
economy. Together with Chedid Re, a leading regional industry player, we will
be able to target the SME segment and grow our financial lines business."

Chedid Re is a reinsurance broking company that delivers comprehensive
reinsurance and retrocession treaty and facultative solutions to over 270
insurance companies spread in 22 countries in the MENA region and Europe
through offices in Beirut, Dubai, Limassol, and Riyadh. The company observes
integrity, professionalism, good faith, and discipline in adhering to
underwriting guidelines and delivering on growth and profit projections. It
has now become an intermediary of choice for many regional and international
capacity providers for the MENA insurance market in a relatively short span of

PartnerRe is a leading global reinsurer, providing multi-line reinsurance to
insurance companies. PartnerRe created a new entity – PartnerRe Wholesale –
that offers Financial Lines insurance coverage, tailored for SMEs, including
commercial PI, commercial Directors & Officers (D&O) and General Liability
(GL) insurance. It will operate through a distribution network consisting of
global-based managing general agents (MGAs), brokers and insurers and is
underwritten by PartnerRe Ireland Insurance Limited (PRIIL).

This press release can also be viewed at

CONTACT: Chedid Re House
         Presidential Palace Road
         P.O. Box 16-6515
         Beirut, Lebanon
         T +961 5 956080
         F +961 5 951588
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