Bermuda and Bahrain — Scottish Re Group Ltd., a global life reinsurance specialist based in Bermuda, announced the sale of its Middle East Life portfolio to Arab Insurance Group (Arig), Bahrain-based reinsurance companies in the Middle East and North Africa.
Dave Howell, CEO of Scottish Re's International Segment, notes, "This transaction enables our international management team to focus on growth opportunities in the UK and Ireland, Asia and our specialist global aviation business. We understand that the portfolio represents a good strategic fit for Arig and wish them every success for the future. We are particularly pleased that a number of employees from Scottish Re's local office have transferred to Arig. The regional expertise of Arig, strengthened by the transferring Scottish Re staff, will ensure that clients continue to receive the high quality service which they have come to expect."
"Arig is firmly committed to the continued growth of all classes of business and has been exploring ways to diversify from its traditional non-life book," says Yassir Albaharna, CEO of Arig. "This transaction underscores our strength and capabilities to become a leading life reinsurance provider in the MENA region. Scottish Re's portfolio is a solid complement to ours and we are very pleased to complete the purchase today. Key staff from Scottish Re will shortly relocate to Arig's head office in Bahrain in order to ensure continuity for our clients. During the transition period, clients can expect their reinsurance treaties and contracts to remain unchanged."
Sources: Scottish Re Group Ltd. and Arab Insurance Group
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