German reinsurer Deutsche Rückversicherung AG (Deutsche Rück) has consolidated its overseas property and casualty operations into a single International Growth Markets Division, bringing its Middle East, Asia and Latin America reinsurance businesses under one roof from May 1, 2026, as the company marks its 75th anniversary.
The restructuring pulls together regions where Deutsche Rück has built out its presence in recent years. The company said the three markets had become increasingly relevant to portfolio diversification and resilience.
"These fast-growing global markets are playing an increasingly important role in enhancing the diversification and resilience of our overall portfolio," said Caren Büning, executive board member and chief underwriting officer at Deutsche Rück.
Büning added that the regions had been brought together within one new International Growth Markets Division as part of the company's broader strategic development.
Tarik Aouad (pictured above) has been appointed to lead the new unit, taking on portfolio management responsibility across the three regions. His mandate covers disciplined growth and cross-regional portfolio development.
Aouad joined Deutsche Rück in 2020 and led the reinsurer's market entry in the Middle East and Asia. He has more than 28 years of industry experience, holds a master's degree in mathematics, and is a Moroccan and German national.
The move comes as Latin America has attracted renewed interest from international reinsurers, with capacity into the region expanding over the past 12 to 18 months. Established players are seeking growth while new entrants pursue regional access.
Howden Re executives have said firms from the Middle East and Asia are driving much of the new interest, as they look to diversify portfolios and gain exposure outside their home markets.
The region also continues to grapple with an 81% climate-related insurance protection gap, according to MAPFRE Economics data presented at COP30.
Only $1.5 billion of $11.6 billion in 2024 insured natural catastrophe losses were actually covered, a backdrop that has supported demand for additional international capacity from carriers such as Deutsche Rück.
Each of the three regions will continue to be run by its existing market managers and teams under the new structure. The setup is meant to preserve day-to-day continuity while strengthening collaboration across geographies.
Deutsche Rück said the structure would help leverage synergies, steer the combined portfolio and improve knowledge exchange between regions. The aim is to combine local expertise with a more integrated international perspective.
The new division is also intended to extend the reinsurer's ability to manage operations across multiple markets simultaneously, as it scales its presence outside its core European base.
