The Tabreed Captive Insurance Company becomes the first captive to be set up in the Middle East
In a Middle East insurance industry first, Tabreed, a district cooling pioneer, has signed with Bahrain's Ensurion, a captive insurance company management specialist, to set up Tabreed Captive Insurance Company (TCIC).
TCIC, the first company of its kind domiciled in the region, will be managed by Ensurion - the Middle East's first insurance manager to be licensed by the Central Bank of Bahrain. Established in the Kingdom of Bahrain, TCIC is licensed and regulated by the Central Bank of Bahrain (CBB).
Youssef Al Kareh, General Manager of Ensurion, said, “Captives have been used since the 1950s by Fortune 500 companies and other large insurance buyers around the world. It is high time that the Middle East also began to benefit from such structures.”
“Insurance procurement has been centralised into Tabreed's captive, optimised with the support of an international panel of distinguished re-insurers and structured to provide the company with significant cost savings and controls.”