ACE Arabia Cooperative Insurance Company (AACIC) has announced that it has now received product approvals from the Saudi Arabia Monetary Authority (SAMA) for the majority of the product lines that it wishes to provide. This follows the January announcement that ACE had received regulatory consent to conduct insurance operations in the Kingdom. In view of this positive development, AACIC is pleased to announce that it commenced underwriting operations on 1st February 2009.
Sheikh Abdul Karim El Khereiji, Chairman of the Company, commented: "We are extremely pleased to be able to commence operations and look forward to a successful performance in 2010 and beyond.”
Giles Ward, Regional Managing Director for ACE said: "ACE Arabia has been long established in Saudi Arabia and throughout the transition to local incorporation we have continued to receive the strong support of our clients and broking partners. I would like to express our sincere appreciation for that support and wish the ACE Arabia team all the very best for what I know will be an exciting and successful future."
Notes to Editors
ACE has had a presence in the Saudi Arabian market since 1973 in partnership with the Elkhereiji Group. In April 2009, ACE Arabia Cooperative Insurance Company was listed on the Tadawal with capital of SAR 100 million ($26.6 million) and four million shares (representing 40 per cent of the company) were offered to the public.
ACE Arabia is headquartered in Al Khobar, Saudi Arabia and forms part of the ACE MENA regional group. Further information can be found at www.ace-mena.com
Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com