Solidarity Bahrain, a leading insurer in the kingdom, has announced that it has successfully completed the merger of Al Hilal Life and its subsidiary Al Hilal Takaful following regulatory approvals from the Central Bank of Bahrain and other relevant parties.
Bahrain National Holding (BNH) has reported a net profit attributable to shareholders of BHD2.64m ($7.01m), a 37% decrease from the attributable net profit of BHD4.16m achieved during the first half of 2023.
Bahrain National Holding (BNH) has received a binding offer from Solidarity Group Holding for the acquisition of 100% of its wholly-owned insurance subsidiaries, BNH says in a stock exchange statement.
Takaful International Company has announced shareholders' net profit of BHD555K ($1.47m) for the six months ended 30 June 2024, an increase of 30% from the corresponding period in 2023.
The insurance market in Bahrain needs more mergers or acquisitions between insurance companies, and even between reinsurance companies, Mr Jawad Mohammed, chairman of Bahrain Insurance Association, has said.
Al Salam Bank, in collaboration with Solidarity Bahrain, has announced the launch of the first multi-year takaful insurance for cars in Bahrain.
Doha-headquartered AlKhaleej Takaful Insurance Company has agreed to sell its 25% equity in Bahrain National Life Company (BNL).
The Nasco Insurance Group, an international group that specialises in direct and reinsurance broking, has acquired the retail insurance broking company, Crescent Global Insurance Services (Crescent).
Insurers in Bahrain are addressing the growing trend of EV ownership although the current number of such vehicles is less than 750 out of a population of 750,000 vehicles in the kingdom.
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).