Best Re

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The story of Best Re is linked to that of two men. The first is an investor seeking opportunities in the Maghreb; the second is an insurer willing to venture in reinsurance. Out of the 1985 meeting of Cheikh Salah Kamel and Farid Benbouzid, emerged the first off-shore reinsurer in Tunisia.

Twenty years following its creation, Best Re found its way as an outstanding partner on the reinsurance markets of emerging countries.

The success recipe is simple. With a start-up capital of 3 000 000 USD*, the company focused on Africa and the Middle East. It is turning its back to European and American markets. Volatile-result classes of business such as energy, aviation and hull are also discarded or underwritten but in small doses.

Reyda Farid Benbouzid
Administrator & Managing Director

This strategy proved to be effective since Best Re is one of the few regional reinsurers to report a steady progression of its turnover and to keep yielding positive results.

Only after the substantial increase of its capital currently standing at 55 000 000 USD and soon to be raised to 100 000 000 USD did Best Re enlarge its operational base by settling in Kuala Lumpur from which it underwrites all Asian risks except the Japanese ones.

* Paid-up capital

Best Re in 2004

Capital
55 million USD*
Shareholder's equity
64.6 million USD
Net profit
4.8 million USD
Turnover
76 million USD
Presence
Africa, Middle east and Asia via 6 regional offices and 4 direct insurance subsidiaries
Number of employees
59
* The capital will be raised up to 100 million USD by the end of March 2006

Management

Chairman
Dr. Salah Jamil Malaikah
Administrator & Managing Director
Reyda Farid Benbouzid
Deputy Managing Director
Mahfoud Rais
Secretary General
Malek Chahed
Senior Technical Manager
Sami Guellouz
Senior Technical Manager
Feth Ennour Braham Chaouch
Senior Manager Strategy & Information System
Abderrazak Louati
Chief Marketing Officer
Nejib Boubaker

Main shareholders

Takaful & Retakaful International Investment Company (TARIC)
60%
Al Baraka Group
40%

Rating

Standard & Poor’s
BBB (Good)
A.M. Best
B++ (Very Good)

Portfolio structure by type of business: 2002- 2004

in millions USD
Written
premiums		2002200320042003/2004
growth
AmountShareAmountShareAmountShare
Treaties
46.881%53.481%62.382%17%
Facultatives
11.019%12.519%13.718%10%
Total
57.8 100% 65.9 100% 76.0 100% 15%

Portfolio structure by class of business: 2002-2004

in millions USD
Written
premiums		2002200320042003/2004
growth
AmountShareAmountShareAmountShare
Fiez
24.943%38.058%43.357%14%
Marine
8.114%9.414%9.913%50%
Miscellaneous accident
6.912%9.414%9.112%- 3%
Engineering
5.810%4.77%8.411%79%
Motor
12.121%4.47%5.37%20%
Total
57.8 100% 65.9 100% 76.0 100% 15%

Portfolio structure in 2004

Written premiums by geographical area in 2004

in millions USD
 Written premiums
AmountShare
Asia
34.946%
North Africa
12.216%
Middle East
11.415%
Turkey
9.112%
Africa*
8.411%
Total
76.0 100%
* South-Saharan Africa

Main financial highlights: 2000-2004

in millions USD
 20002001200220032004
Gross written premiums
61.345.357.865.976.0
Net written premiums
57.138.846.556.567.8
Loss ratio (%)
54.647.653.749.455.9
Expenses ratio (%)
31.439.532.739.035.5
Combined ratio (%)
86.087.186.488.491.4
Core operating profit
5.35.54.85.56.0
Net result
4.75.35.24.54.8
Return on equity - ROE (%)
13.414.211.88.88.1
Total assets
93.097.0107.0111.0127.6
Shareholder's equity
36.039.049.053.064.6
Source: Standard & Poor's «Insurer Credit Report : BEST Re» - Nov. 16, 2005

Contact



Head office
Immeuble Best Re - Zone Nord Rue du Lac de Côme, Les Berges du Lac B.P. 484 -
1080 Tunis Cedex, Tunisia
- Phone
(+216) 71 860 355
- Fax
(+216) 71 861 011/ 862 014
- Email
general [at] bestre [dot] com [dot] tn
- Website
Regional Office Algeria
Best Re Alger
9, Rue des Jardins, Hydra, Algiers
- Management
Ammar Hadjloum
- Phone
(+213) 21 603 443
- Fax
(+213) 21 606 760
- E-mail
bestalger [at] hotmail [dot] com
Regional Office Lebanon
Best Re Middle East
Achrafieh – A. Gemayel Str. Sannine & Allam Bldg., P.O. Box : 16 – 6879, Beirut
- Management
Abdallah Badaoui
- Phone
(+961) 1 328 590/1/2/3
- Fax
(+961) 1 328 594
- E-mail
best-re [at] sodetel [dot] net [dot] lb
Regional Office Malaysia
Best Re Far-East
Central Plaza, Mailbox No. CP61 - 34,
Jalan Sultan Ismail, 50250 Kuala Lumpur
- Management
Riadh Karray
- Phone
(+603) 2272 3007
- Fax
(+603) 2272 3008
- E-mail
general [at] bestre [dot] com [dot] my,
rkarray [at] bestre [dot] com [dot] my
Regional Office Senegal
Best Re Africa
67, Boulevard de la République
B.P. 11 973 Dakar Peytavin
- Management
Mohamed Omari
- Phone
(+212) 849 14 99
- Fax
(+212) 849 14 95
- E-mail
best-re [at] sentoo [dot] sn
Regional Office Tunisia
Best Re Tunis
Immeuble Green Center, Rue du Lac de
Constance, Les Berges du Lac, Tunis
- Management
Ahmed Amrouche
- Phone
(+216) 71 96 48 44
- Fax
(+216) 71 96 47 11
- E-mail
general [at] bestretn [dot] com [dot] tn
Regional Office Turkey
Best Re Turkey
Levazim Mah. Korukent Sitesi
Beyaz Kosk Levent, 34034 Istanbul
- Management
Hafidh Hachani
- Phone
(+90) 212 3472964
- Fax
(+90) 212 3472970
- E-mail
bestre [dot] turkey [at] laposte [dot] net
Contact office Philippines
Best Re Philippines
26J/I, Burgundy Corporate Tower,
252 Sen.Gil J. Puyat Av.,Makati City 1200
- Representative
Arturo J. Dimapilis
- Phone
(+632) 845 4988
- Fax
(+632) 845 4688
- E-mail
ajdimapilis [at] bestre [dot] com [dot] ph
Contact office Thailand
Best Re Thailand
17th Floor, SSP Tower 3, 88 Silom Road
Bangkok 10500
- Representative
Pallop Isarankura
- Phone
(+662) 634 4578
- Fax
(+662) 634 4579
- E-mail
pallop [at] bestre [dot] co [dot] th

Direct insurance subsidiaries

Senegal
SOSAR Al Amane (52%)
Algeria
Baraka Oua Al Amane (59.81%)
Lebanon
ATI Al Amane (30%)
Egypt
Egyptian Saudi Insurance House (25.5%)
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