About us
Despite its relatively young age, Libya-Re has some of the most experienced staff in the Libyan Insurance Market.
With a capital of LYD 100 million and experienced staff, Libya-Re is potentially qualified to be a leading force in the Libyan Insurance Market.
Our financial support and professional experience allow us to provide a reliable and high-quality service.
What do we offer our clients?
At Libya-Re, we offer our knowledge, expertise, support, and financial protection to our clients who we consider to be our partners.
We ensure the sustainability of our commitments through various strategies of risk analysis, alternative capital diversification, and insurance program management and optimization.
We support our clients through various endeavors and processes:
- Risk analysis (establishing risk profiles).
- Providing the necessary tools for internal risk assessment.
- Product pricing (Libyan Risks).
- Segmentation of the target customers.
- Management and monitoring of insurance policies.
- Helping to describe the insurer’s strategy and determine its risk appetite.
- Coaching and training our partners’ staff.
Our mission
Our primary mission is to protect the interests of our clients, who are our partners, and to promote and develop their business by providing them with the necessary assistance in terms of advice, risk analysis tools, and financial protection. We accompany our partners throughout the life cycle of their insurance policies, starting with helping them to properly price their products and describe their strategy and risk appetite.
If you think reinsurance is only about risk-taking or financial protection, we at Libya-Re have a different vision. We reinvent the meaning of reinsurance to turn the reinsurer into an active partner, advisor, and promoter of the insurance companies to which he is bound by reinsurance treaties. We assist these companies throughout the lifetime of their insurance policies by providing legal and technical advice, defending their interests, and promoting their activities in various insurance fields.
Our Vision
To build a reliable reinsurance partner for all our clients, providing them with both advanced expertise and innovative tools.
To expand the geographical area of our business to all the countries of North Africa, the Middle East, and the entire African continent, and then to target the Global markets.
To develop a Decision Support System based on machine learning using a database built with data collected during our exercise. To have accurate and reliable results in risk analysis.
To set up a competent and continually developing body to offer a local alternative to the major international players.
Company Management
Experience is what best distinguishes our executive team. We look to each member of the Board of Directors to help guide the company to a bright future.
We consider a good manager to be the one who is able to create an effective two-way communication, demonstrates emotional intelligence, has a sense of pedagogy, is adaptable to all situations, and can handle all types of stress.
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Brandon Copperfield
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Clark Roberts
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Ashley Hardy
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Dennis Norris
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Gina Kennedy
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Fernando Torres
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Trust
Trust is the basis of any lasting relationship with our partners.
Transparency
Transparency Is Key to Building Trust in Business.
Stability
Stability of our company is the result of transparency with our partners.
Reliability
Reliability is the union of the previous values.
Reinsurance Industry
Reinsurance can be simply defined as “the insurance of insurers”. It is a contract by which a specialized company (called the reinsurer) assumes a part of the risks underwritten by an insurer (called the cedant or the ceding company) with regard to the insurance policies subscribed with the latter.
Under this contract, the reinsurer undertakes to reimburse the ceding company, in the event of a risk materializing, a part of the amounts paid according to a certain agreed share for claims and in return receives the same share (usually) of the original premiums paid by the insured person(s) who have taken out the insurance policies.
Generally, the reinsurer deals with one or more insurers, which is why this activity is often misunderstood by the general public.
The reinsurer protects the insurer against the abnormal frequency or intensity of losses. The ceded reinsurance premiums are approximately €265 billion globally.
As with the insurance industry, the reinsurance business in Libya is regulated by the Libyan Insurance Supervisory Authority (L.I.S.A) and is subject to the laws and regulations governing the insurance industry. Only companies duly licensed by L.I.S.A. can carry out reinsurance activities in Libya.
Libya-Re is one of two only companies authorized to carry out reinsurance activities in Libya.
According to the Insurance Regulations, reinsurance companies must keep a certain percentage of their reinsurance business within Libya, however, they are also allowed to conduct business outside the country.
Our Markets
Initially, Libya-Re focuses on the Libyan insurance market. Having a Home is always and forever the key to the success of any company. Though Libyan Insurance Market is currently experiencing some difficult times, on the Reinsurance front, we are very optimistic about the future of Insurance in Libya. For one Libya Re will serve as one of the tools of its success.
With the experience that our staff will bring to the country’s insurance bodies, as well as the advanced technological tools in this field, we aim to provide high-performance and quality service.
Our next step will be to enter the markets of neighboring countries to expand our business area and let other companies benefit from our high-quality service.
Sustainability
Our company confirms its commitment to Environmental, Social, and Governance (ESG) criteria.
Our company’s policies respect and protect the environment through ethical business practices.
We are also committed to promoting sustainable principles that are integrated into our values and investment strategy.
While our industry may not be a major player in environmental risk, we consider ourselves equally concerned about the well-being of our beloved Mother Earth.
We also follow innovative and effective best practices in how we manage our relationships with our employees, providers, partners, customers, and the communities in which we operate.
Through good governance, our top management guides the company to a prosperous and promising future, with fair and equitable compensation for company executives, periodic and transparent audits, and thorough internal controls of all our departments.
FAQ
Libya-Re is a reinsurance company with an innovative mission and a promising vision. Our company does not only play the role of a risk taker by providing coverage for the retroceded portion of insurance contracts, but we assist our clients, who are our partners, in the process of creating and marketing their products in a way that protects their business from risks due to poor risk assessment or bad policy management.
In addition to providing financial protection to our clients and coverage for the retroceded portion of insurance contracts, we assist them with knowledge, tools, and statistics to help them better assess risks (under different models and profiles) and properly offer and manage their products. We also support our partners by training and coaching their staff.
Like all reinsurance companies, we offer our services to insurance companies and insurance brokers. But this does not prevent us from offering our expertise to other financial institutions (or others) who want to benefit from our experience in the field in order to manage their insurance/reinsurance contracts properly.
Please contact us or visit one of our offices to discuss and negotiate the terms of your subscription.
Our registered office is in Tripoli, Libya. Nevertheless, soon we will expand to all main cities in Libya and further to our neighboring countries.
You can contact us using the contact form on our website, by sending us an email, by calling us, or simply by visiting one of our offices.
Please visit the “Career” section of our website to check if job vacancies that match your qualifications and experience are announced, then send us your resume (CV) to apply for that job. For any further information, please contact us.
DO YOU HAVE ANOTHER QUESTION?
You can contact us using the contact form on our website. Make sure your question is short but clear.