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Bahrain: Solidarity General Takaful and Al Ahlia Insurance merger completed, firm renamed Solidarity Bahrain

Source: Middle East Insurance Review | Jan 2018

Solidarity Group Holding has announced the successful completion of the merger between its two Bahrain-based subsidiaries Solidarity General Takaful and Al Ahlia Insurance Company. 
 
   The combined entity, called “Solidarity Bahrain B.S.C.”, has an authorised capital of BHD12 million (US$31.9 million) and a paid-up capital of BHD11.2 million with a distribution capacity and branch network of 10 full-fledged insurance centers serving customers throughout the Kingdom. The new merged entity will continue to be headed by the incumbent General Manager Jawad Mohammed.
 
   Mr Rashed Al Meer, Chairman of Solidarity Group Holding, said the completion of the merger between the two subsidiaries in Bahrain is “a milestone achievement for the Group and for Bahrain’s financial services sector as a whole”. 
 
   Mr Ashraf Bseisu, Chief Executive of Solidarity Group Holding, said: “We believe that consolidation has become a necessity in order to create larger and stronger financial institutions capable of providing a unique customer experience. Solidarity Bahrain’s ability to provide access to a wide range of insurance offerings creates immense appeal to a diverse range of people representing all walks of life.” 
 
   Solidarity General Takaful and Al Ahlia had individually held their extra ordinary general meetings in August 2017, where shareholders of the two entities had approved the merger terms. Pursuant to shareholder approval and completion of all necessary regulatory requirements, Solidarity General Takaful has merged with Al Ahlia with 3 December 2017 being the effective merger date. M 
 
BHD1 = US$2.66
 
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