Following a share acquisition offer on the Kuwait Stock Exchange, Al Ahleia Insurance Co has increased its shareholding in Kuwait Re from 30.0% to 91.7%.
Mr. Mohammad Al Saad, Chairman of Kuwait Re, welcomed this development, stating “We believe this is a very positive step in the evolution of Kuwait Re, both for our clients and our staff, and we look forward to the future as part of the wider Al Ahleia group. Our Chief Executive Officer, Mr. Amir Al Muhanna, and his team will be working closely with Al Ahleia to meet the objectives of the acquisition”.
Mr. Sulaiman Al Dalali, Chairman of Al Ahleia Insurance Co stated “We have been a shareholder of Kuwait Re since its foundation in 1972 and it’s a company we know very well and have confidence in its management. We are very pleased to have increased this stake further, and we see the international platform of Kuwait Re as very complementary to our regional insurance interests. We look forward to working with Kuwait Re to accelerate its growth going forward”.
The financial strength of Al Ahleia Insurance Co with total equity at 31st December 2014 of KD 97.9MLN (approx. USD 325MLN) and an A- rating by S&P, will allow Kuwait Re, in addition to its own A- rating from A.M. Best, to further expand its business in support of its clients.
Kuwait Re would also like to announce the appointment of 3 new independent Non-Executive Board Directors:
· Mr. Muzaffer Aktas – Mr. Aktas is currently Chairman of Willis’ Turkey, Middle East and Africa team. He has over 50 years of insurance and reinsurance experience as well as detailed knowledge of the international market.
· Dr. Cherif Chentir – Dr. Chentir has recently retired from SCOR, one of the world’s leading reinsurers, where he held the position of Chief Underwriting Officer Middle East & South Eastern Europe. His experience in the reinsurance field extends over 27 years.
· Mr. Mowaffaq Ridha – Mr. Ridha is a renowned person in the Middle East with more than 40 years experience in insurance & reinsurance. His highly distinguished career included General Manager and very senior executive positions of insurance and reinsurance companies operating in the Middle East including the Arab War Risk Syndicate (AWRIS).
In addition to the other Board Directors, these high profile appointments bring a wealth of regional and global reinsurance experience with them which will contribute to the future development of Kuwait Re.
About Kuwait Re
Focusing on the fast moving emerging markets including MENA, Kuwait Re is committed to giving its clients long-term reinsurance support through innovative and bespoke solutions across traditional and specialized classes of business.
Kuwait Re operates from its base in Kuwait, with a branch office in Malaysia and a representative office in Mauritius.
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