CBB grants licence to Zurich Insurance
Manama, January 25, 2010
The Central Bank of Bahrain (CBB) has granted a licence to Zurich Insurance Company (ZIC) to open a branch in Bahrain.
ZIC is a subsidiary of Zurich Financial Services (ZFS), headquartered in Zurich, Switzerland, which has a long track record in the insurance field since it was founded in 1884.
ZIC is maintaining a credit rating of (A+) and (A-) from the international rating agencies Fitch and Standard & Poor's. Moreover, ZIC has a presence in Bahrain since 1986 through its subsidiary 'Zurich International Life' that is specialised in providing life insurance.
'The Central Bank of Bahrain supports the expansion plans of ZIC by joining the general insurance providers group in the Kingdom of Bahrain,' said Ahmed Al Bassam, director of Licensing & Policy at the CBB.
Al Bassam added that the presence of international institutions such as ZIC, benefiting from the improved legislations and regulatory regimes applied in Bahrain, adds value to the leading role played by the kingdom as a financial centre in the region.
He noted that Bahrain’s credit rating is at the class (A) with a stable economic perspective granted by the international rating agency Standard & Poor's last December, which reflects the positive developments taking place in the kingdom.-TradeArabia News Service