Qatari insurer invests in Bahrain National Life
by David Masters
Story link: Qatari insurer invests in Bahrain National Life
Qatar-based Al Khaleej Insurance and Re-Insurance Company (KAIR) has announced the acquisition of a 25% stake in Bahrain National Life Assurance Company.
The stake was purchased from Bahrain National Holding Company (BNH) for $5.8 million, and will allow the companies to work together on a joint venture.
This is in line with BNH’s plans for regional expansion with improved customer service, as BNH will now be able to grow its business in Qatar.
As part of the joint venture, the two companies will together open a new branch at the Qatar Financial Centre providing life and medical insurance.
BNH chief executive Mahmood Al Soufi said the sale was part of his company’s strategy of ‘constantly exploring new investment opportunities’.
KAIR, established 29 years ago, is one of Qatar’s leading insurance companies, providing general insurance, reinsurance, risk management, and takaful (Islamic insurance).
KAIR assistant general manager Karam Ahmed Mahmood said BNL’s ‘experience, policy clarity and structure’ will benefit his company.