Heritage said the Central Bank of Bahrain has granted it alicense to establish a risk and insurance management company forcaptive insurers in Manama, Bahrain.

The firm describes itself as a provider of captive managementand insurance services.

The new company, Heritage Insurance Management (Bahrain) W.L.L.(HIMB) will “provide innovative risk and insurance managementsolutions to public and private sector enterprises in Bahrain andthe wider Gulf Cooperation Council region,” according to theCentral Bank of Bahrain.

Ahmed Al-Bassam, director of Licensing & Policy at the CBB,said, “Since introducing the Insurance Rulebook by the CBB, whichcontains insurance regulations that are in line with internationalstandards, the insurance industry has witnessed growth byattracting specialized international insurers to be based inBahrain to meet local and regional demand of the growth ofinsurable corporate assets and liabilities.”

He added, “We perceive Heritage Insurance Management (Bahrain)to contribute in enhancing the increase in insurance risk culture,awareness, and management within the region.”

Stephen May, chief executive officer, Heritage, London andMiddle East, said, “This is a major step in Heritage's growth plansfor the GCC (Gulf Cooperation Council region).”

He explained, “We have spent the past 18 months discussingopportunities afforded by captives and other risk financingstructures with companies in the region. With the development of aworld class regulatory framework in Bahrain and in other statessuch as Dubai and Qatar, the benefits of domiciling thesestructures locally is now an extremely attractive proposition formany of our clients.”