Atlantic Re: A New Era for Morocco's Reinsurer

Friday 18 April 2025 - 09:50

By: Dakir Madiha

Atlantic Re: A New Era for Morocco's Reinsurer

The Société Centrale de Réassurance (SCR) has officially rebranded as Atlantic Re, marking a significant shift in the company’s strategic direction. This announcement coincided with the inauguration of its new headquarters at Casablanca Finance City, reinforcing its commitment to enhancing Morocco's role in African economic development.

As a subsidiary of Caisse de Dépôt et de Gestion (CDG), Atlantic Re has a rich history spanning 65 years. This rebranding is not merely cosmetic; it reflects a broader transformation strategy aimed at solidifying national leadership and expanding the company's regional influence across Africa.

“Atlantic Re embodies a national ambition. It expresses our will to contribute to a more resilient, more influential Morocco, oriented toward Africa,” stated Ouafae Mriouah, Director General of Atlantic Re, in a recent press release.

In 2024, Atlantic Re reported a turnover of MAD 3.8 billion (approximately $380 million), with around 30% of this revenue derived from international operations. Currently, the company serves clients in over 70 countries and partners with more than 500 global entities, with regional offices in Abidjan (Côte d’Ivoire), Kigali (Rwanda), and Cairo (Egypt).

The rebranding resonates with King Mohammed VI’s vision for an engaged and influential Morocco that supports African development. Atlantic Re aims to position itself as a key player by blending expertise with a commitment to long-term partnerships.

Central to this transformation is the “Reach2030” strategic plan, which outlines five primary objectives: enhancing national and continental leadership, reinventing client relationships, increasing visibility and influence, strengthening financial and technical capabilities, and fostering talent and corporate culture.

The company’s management revealed that the new headquarters was acquired “at market price,” following the sale of its previous location several years prior. Atlantic Re aims to boost its turnover by 20% to 30% by 2030.

Founded in 1960, SCR initially ventured into conventional reinsurance in 1965, undergoing several significant changes over the decades. Notably, in 2005, its capital increased from MAD 300 million to MAD 1 billion ($100 million). The company has also seen the end of legal cession and implemented transformation plans, including “STRONG I” (2013-2015) and “STRONG II” (2017-2019).

With its latest rebranding, Atlantic Re positions itself as a “solid, agile, and visionary player,” prepared to tackle the climate, economic, and technological challenges facing Morocco and the broader region, all while staying true to its roots and looking toward the future.