BNH launches BEI branch in Abu Dhabi
Manama, October 20, 2010
Bahrain National Holding (BNH) has launched the first Bahrain Emirates Insurance company's (BEI) branch in Abu Dhabi which will become operational before the end of the year.
BEI, which recently was granted the licence to operate, has an authorised capital of $53 million and a paid-up capital of $27.9 million.
The company, with its head office based in Bahrain, will accept general insurance businesses seeking to leverage synergies between its founding partners and capture the region's existing risks.
It will offer insurance covers for accident and liability, fire and engineering, motor, marine and medical.
BEI shareholders comprise Al Masaood Group from Abu Dhabi with 50 per cent, Bahrain National Holding with 30 per cent and SBK Aman Holding with 20 per cent.
BEI which plans to grow the overall size of the market by capitalising on the expertise of BNH is developing the insurance industry combined with the business intelligence and management of Al Masaood Group and SBK Aman Holding.
'We believe that the regional insurance industry till today remains unconquered especially when knowing that it offers considerable growth opportunities,' said BEI and Al Masaood Group chairman Abdulla Al Masaood.
'We have realised the potential in the insurance industry and have decided to seize the opportunity given our commitment to serve the international business partners and contribute to the development of UAE.'
'BEI is part of our focused plan set towards regional expansion,' said BNH chairman and BEI vice-chairman Farouk Almoayyed.
'Our partners share not only the business expertise and knowledge but also international recognition and respect.
'With our 40 years' expertise in the insurance industry, BNH is today one of the largest local insurers,' said BNH chief executive Mahmood Al Soufi.
'The formation of this company is not only a testament to our strength but also a vote of confidence from our partners.
'It reflects our commitment towards the industry locally and regionally,' he added.-TradeArabia News Service