Bahrain licence for Arig-Hardy venture
Manama, October 18, 2009
The Central Bank of Bahrain (CBB) has granted a license to Hardy Arig Insurance Management (WLL) to establish an insurance management firm in Bahrain.
HAIM is a joint venture company based in Bahrain and owned equally by Hardy Underwriting Bermuda Limited, the specialist Lloyd’s insurer and reinsurer, and Arab Insurance Group (Arig). It will develop reinsurance business primarily from the Middle East and North Africa region on behalf of Hardy syndicate 382 and Arig.
As a coverholder for syndicate 382 (Hardy’s managed syndicate at Lloyd’s of London), HAIM will have the ability to offer significant line capacity and underwriting expertise. The new company will initially focus on construction and engineering business along with onshore energy risks, and will look to develop further lines in due course, a statement said.
HAIM will commence writing business incepting in 2010 with effect from Q4 2009, and will operate from Arig’s existing offices in Bahrain.
The CBB is delighted to support the expansion of both Arig and Hardy activates from Bahrain. Financial institutions in Bahrain can now offer a much more diversified financial activities based on our comprehensive well tested regulatory environment.
Barbara Merry, chief executive of Hardy, said: “HAIM offers the Hardy Group an exciting opportunity to provide reinsurance in the Mena region in conjunction with an established and well respected local partner. We are delighted to be working alongside the Arig team and look forward to a long term partnership.”
Yassir Albaharna, chief executive officer of Arig, said: “With the combined underwriting expertise and capacity of the two groups, HAIM will be able to make a valuable contribution to the reinsurance market as some of the most dynamic economies in the region are preparing for the future. We are extremely pleased taking this step with Hardy, a company that is so widely recognized for its professionalism and success. HAIM will significantly enhance the palette of services we are able to offer to the regional customer.” – TradeArabia News Service