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

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

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

Ahmed Al-Bassam, director of Licensing & Policy at the CBB, said, “Since introducing the Insurance Rulebook by the CBB, which contains insurance regulations that are in line with international standards, the insurance industry has witnessed growth by attracting specialized international insurers to be based in Bahrain to meet local and regional demand of the growth of insurable 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 and Middle East, said, “This is a major step in Heritage's growth plans for the GCC (Gulf Cooperation Council region).”

He explained, “We have spent the past 18 months discussing opportunities afforded by captives and other risk financing structures with companies in the region. With the development of a world class regulatory framework in Bahrain and in other states such as Dubai and Qatar, the benefits of domiciling these structures locally is now an extremely attractive proposition for many of our clients.”