Al Ahleia Insurance Company (AIC) has announced that it had received conditional approval from the Insurance Regulatory Unit (IRU) to add reinsurance activities to its licensed businesses.
In an announcement through Boursa Kuwait, AIC said that it is in the process of completing the remaining required procedures with other relevant regulatory authorities.
The granting of the conditional approval on 5 July for reinsurance operations will not affect the financial position of the company, AIC added.
AIC was incorporated in 1962 and is based in Kuwait City. It is the parent company of Kuwait Reinsurance Company, in which it has a stake of over 90%.