Chedid Capital Holding, a leading insurance and reinsurance regional group, in collaboration with prominent investors in Dubai, has acquired 75% of Sharjah-based Al Manara Insurance Services, an insurance brokerage firm operating in the UAE.
“Along with the growth of our businesses in Africa, we are proud to continue our expansion in the GCC through the acquisition of Al Manara Insurance Services. This company has solid roots in the UAE market and a great reputation earned over 25 years under the leadership of Issam Lahham,” said Mr Farid Chedid, Chairman and CEO of Chedid Capital.
“This acquisition represents one more significant step on the path of expansion and success of Chedid Capital Holding,” he added. The move is part of the company’s plan to expand and consolidate its operations in countries in EMEA by 2017.
Mr Lahham, Managing Director of Al Manara Insurance Services, said: “This acquisition is a step further to developing a regional leader in the insurance broking industry.”
Chedid Capital, established in 2006, manages separate strategic business units such as reinsurance broking, direct insurance broking, and insurance risk bearing and consultancy services. Today, Chedid Capital is established in Europe, Middle East and Africa with offices and operations in Cyprus, Saudi Arabia, Lebanon, Mauritius, Morocco, Qatar, Turkey, the UAE and the UK, offering services and solutions to clients in more than 45 countries.
Established in 1990, Al Manara Insurance Services provides direct insurance services in the local market that are in line with international standards.