Allianz Takaful, MedGulf announce partnership in Bahrain and Qatar
- Bahrain: Thursday, September 22 - 2011 at 10:48
- PRESS RELEASE
Allianz Takaful announced a partnership with MedGulf for the markets of Bahrain and Qatar to further develop their insurance platforms. To start the partnership Allianz Takaful will transfer 75% of Allianz Takaful to MedGulf BSC (Bahrain).
"This is a positive move for both parties. With MedGulf as partner, I believe that our clients and employees will benefit from the know-how and experience of one of the leading insurers in the region," commented Bruce Bowers, Regional CEO of Allianz in Central and Eastern Europe, Middle East and North Africa.
Mr. Lutfi F. El Zein, Chairman of the Board of Directors of MedGulf, said, "This development in Bahrain/Qatar is one step forward providing access for MedGulf to the takaful markets and emphasizing the commitment of MedGulf Group to the region. The combining of the resources of MedGulf and Allianz in Bahrain and Qatar will position our companies to deliver exceptional customer service and innovative products. These benefits will be reaped by our stakeholders."
The parties involved have agreed not to disclose further details of the agreement, which is also subject to regulatory approval.
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