The Central Bank of Bahrain (CBB) has granted a licence to Cigna Life Insurance Company of Europe (Cigna) to open a branch in Bahrain. The licence allows Cigna to expand its insurance business in the Kingdom, the regulator says in a statement.
Cigna's proposed branch is expected to contribute to medical insurance and it is targeted to engage with local brokers to offer its medical coverage products to multinational companies with exposure in Bahrain, local private enterprises with operations abroad requiring international coverage and government sponsored entities requiring local and international health cover.
Mr Ahmed Al-Bassam, director of licensing at the CBB, said, “We welcome Cigna’s decision to choose Bahrain as an arm of its group for reaching out to local customers and the GCC market, to provide its worldwide health coverage, emphasising that its presence in the region will contribute positively in the medical insurance services given their track record in the health service industry.”
Cigna is a global health service company, represented in 30 countries and jurisdictions, and has more than 95m customer relationships throughout the world and more than 40,000 employees serving its customers.