Zurich Insurance Company (Zic) has launched a general insurance business in Bahrain.
The Central Bank of Bahrain today (Jan 27) granted the company an Overseas Insurance Firm (branch) licence allowing it to conduct general insurance business.
Zic said it would initially focus on corporate customers, but would over time find distribution partners to serve the needs of commercial and retail customers.
Zurich has had an operation in Bahrain for more than 20 years through Zurich International Services Middle East, which the company described as a “regional servicing platform coordinating and addressing the general insurance needs of Zurich’s multinational corporate customers in the Middle East and Africa.”
Zurich International Life, a provider of life insurance and investment products, also has a presence in Bahrain.
Saad Mered, chief executive of Zurich Middle East, said: “This marks an important milestone in our strategic development and growth plans in the Middle East. Under the Central Bank of Bahrain’s resolute and comprehensive regulatory environment, presence in the Bahraini market is an important early development for setting a solid foundation for ZIC’s growth in the region.”
Zic also holds an insurance licence to operate in the Dubai International Financial Centre, which was granted in 2009.