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Following the national Independence War and the foundation of the Turkish Republic under the leadership of Atatürk, Milli Re was established by İş Bank in 1929 to operate compulsory reinsurance system and the reinsurance monopoly. The main objective of compulsory reinsurance system was to develop and nationalize Turkish Insurance Market which was completely dominated by foreigners at the time. Compulsory cessions also aimed to reduce the cash outflow by way of limiting the level of premiums ceded outside the country which was war-devastated and had very limited economic resources and to generate revenue for the Turkish Treasury.

Consequently Milli Re was the first and the only private company to conduct compulsory cessions in each line of business and was perfectly able to fulfill the tasks undertaken in establishing and maintaining discipline in the national insurance industry, introducing a viable tariff system, strengthening the position of companies with domestic capital within the industry, training staff of the industry to improve the quality of the workforce and generating an important source of foreign currency revenue for the Turkish Treasury by way of writing reinsurance business from local and international markets.

After the termination of the compulsory reinsurance system, Milli Re having realigned its targets and strategies with contemporary circumstances and with its considerable expertise and financial strength continues to be a reputable, strong and reliable reinsurance partner in global markets.