Kuwait: Al Ahleia Insurance raises stake in Kuwait Re to 91.7%
Source: Middle East Insurance Review | Dec 2015
Following a share acquisition offer on the Kuwait Stock Exchange, Al Ahleia Insurance has increased its shareholding in Kuwait Re from 30.0% to 91.7%.
Mr Mohammad Al Saad, Chairman of Kuwait Re, said: “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, said: “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 with total equity at 31 December 2014 of KWD97.9 million (US$321.4 million) 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.
KWD1 = US$3.28