Insurance

Zurich Insurance Company launches in Bahrain

Zurich Insurance Company ('ZIC') announced that it has officially launched its general insurance proposition in Bahrain, following the issuance of its Overseas Insurance Firm (Branch) License to conduct General Insurance business from the Central Bank of Bahrain ('CBB'). With this new license, ZIC will focus on delivering specialized general insurance product propositions to the Bahraini market. ZIC will initially focus on corporate customers and, over time, work with distribution partners to address the needs of commercial and retail customers in Bahrain. Zurich has been present in Bahrain for over 20 years through Zurich International Services Middle East, a regional servicing platform coordinating and addressing the general insurance needs of Zurich's multinational corporate customers in the Middle East and Africa; and, Zurich International Life, a market leading provider of life insurance products in Bahrain with uncontested leadership in unit linked savings products.

AUB and Legal & General Group sign MOU to establish a regional life insurance company

Ahli United Bank BSC announced that it has signed a Memorandum of Understanding with the UK-based Legal & General Group Plc to set up a new joint venture company, subject to necessary regulatory and statutory approvals. The joint venture will initially offer a range of takaful life and health insurance products and pension plans to retail and corporate customers in the Gulf region. The joint venture, in which Ahli United Bank and Legal & General would both initially hold a 50 per cent stake, will be headquartered in Bahrain and regulated by the Central Bank of Bahrain. It will have an authorized capital of US$200 million of which US$25 million will be initially issued and paid up.

ACE granted insurance license in Saudi Arabia

ACE Arabia Cooperative Insurance Company has announced that it has been granted a license by the Saudi Arabian Monetary Agency (SAMA) to conduct insurance business in the Kingdom of Saudi Arabia. “We are delighted to have been granted this license which marks the final stage in the establishment of ACE Arabia as a locally-domiciled company in Saudi Arabia.” ACE has had a presence in the Saudi Arabian market since 1973 in partnership with the Elkhereiji Group. In April 2009, ACE Arabia Cooperative Insurance Company was listed on the Tadawal with capital of SAR 100 million (US$26.6 million) and four million shares (representing 40 per cent of the company) were offered to the public.