NU Online News Service, Jan. 13, 1:08 p.m. EST
ACE Ltd. said its ACE Arabia Cooperative Insurance Co. has been granted a license by the Saudi Arabian Monetary Agency (SAMA) to conduct insurance business in the Kingdom of Saudi Arabia.
Syed Umer Ali Shah, managing director of ACE Arabia, said the insurer is "delighted to have been granted this license which marks the final stage in the establishment of ACE Arabia as a locally domiciled company in Saudi Arabia."
ACE said it has had a presence in the Saudi Arabian market since 1973 in partnership with the Elkhereiji Group. In April 2009, ACE Arabia Cooperative Insurance Co. was listed on the Tadawal, the Saudi Arabia stock exchange, with capital of $26.6 million, and four million shares (representing 40 percent of the company) were offered to the public.
ACE's Arabia is headquartered in Al Khobar, Saudi Arabia, and forms part of the ACE MENA regional group.
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