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GIC and Arch Capital form Gulf Re
- United Arab Emirates: Tuesday, March 18 - 2008 at 08:55
Gulf Investment Corporation, a financial institution owned by the six GCC member states, and Arch Capital Group, a Bermuda-based insurance company, have entered into a 50/50 joint venture to establish a re-insurance company at the DIFC. The new entity will be called Gulf Re. GIC and Arch Capital will subscribe to a total of $400m of capital. The initial paid up capital of Gulf Re will consist of $200 million, with an additional $200m to be funded depending on the business needs of the company.
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Jeff Florian, Senior ReporterTuesday, March 18 - 2008 at 08:55 UAE local time (GMT+4)
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