Hannover Re, a reinsurance group, yesterday announced it will open a branch office in the Kingdom of Bahrain with business operations slated to begin January 2008, according to the company.
“This concentration of our activities in the Arab world will enable our clients to profit from even greater market intimacy and access our full range of services from a single location,” said Wilhelm Zeller, chief executive officer of Hannover Re.
The Hannover R?ckversicherung AG, Bahrain Branch, will concentrate exclusively on traditional reinsurance in the region, the company said.
The required license for operations was awarded to Hannover by the Central Bank of Bahrain in late June, according to the company.
Hannover Re said it will be able to offer clients both Sharia-compliant and conventional solutions on a concentrated basis from one location.
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