Middle East - Bahrain: Legal & General Gulf renamed Al Hilal Life
Source: Middle East Insurance Review | May 2016
Legal & General Gulf, the Bahrain-based life business formerly owned by Legal & General, has been renamed Al Hilal Life with effect from 1 April. In addition, Legal & General Gulf Takaful, the wholly-owned subsidiary of Legal & General Gulf, is now branded as Al Hilal Takaful.
The change was made after Legal & General Group’s sale last October of its 50% stake in the business to its joint venture partner, Ahli United Bank (AUB), the company said in a statement. AUB, which is Bahrain’s largest lender, now owns 100% of Al Hilal Life, following the acquisition of the stake.
Al Hilal Takaful will continue to offer family takaful products, which “will be further expanded through introduction of new and enhanced products,” said Mr Abdulla Al Raeesi, Deputy Chairman.
Mr Emanuel Lantzos is now the Acting CEO for Al Hilal Life and Al Hilal Takaful, taking over from Mr Peter Drummond, who has left to join Providence Life as Executive Director. Mr Lantzos joins from Nexus Financial Services where he was the General Manager for over four years.