Insurance group Bahrain National Holding (BNH) has become a major shareholder in Health 360 Ancillary Services, which provides health insurance claims management services.
BNH's acquisition of a stake in Health 360 takes place amidst the Bahraini government's move to implement compulsory medical insurance in the country.
Health 360 started operations in 2013 after it was established by Takaful International and Paramount Health Services Group which is the largest claims management company in India, according to a report in Market Screener. Both companies remain shareholders in Health 360.
Licensed by the Central Bank of Bahrain as an ancillary services firm, Health 360 currently holds the largest share of the health insurance support services market of Bahrain. It works with a network of 7,600 hospitals and medical clinics around the world.
BNH chief executive Sameer Al Wazzan said, "Our choice to become a partner in Health 360 Ancillary Services comes after a thorough study of the market conditions and the high standards of services provided by it."
Health 360 Ancillary Services chairman Abdul Aziz Al Othman said BNH's participation as a major and strategic shareholder will contribute to business growth and the spread of services to all BNH health policyholders.