Ensurion GM Chairs Captive Insurance & ART Session at Insurex 2007
02-04-2007
INSUREX is the Policy magazine’s annual regional insurance industry conference. INSUREX 2007 was recently held at the Grand Hyatt in Dubai on the 2nd and 3rd of April 2007 under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance & Industry and was attended by a score of insurance professionals from all over the world.
Over the course of the two days, INSUREX 2007 featured many sessions discussing the hottest topics relating to the regional insurance industry, “captive insurance and ART” was one such topic. The session entitled “How to bridge the gap between theory and conceptual opportunity to real captive opportunity in this part of the world” featured a distinguished panel of speakers and was chaired by Youssef Al Kareh, Ensurion’s General Manager.
Mr. Al Kareh gave a presentation on captive insurance and the current relevance of this topic to the Middle East region. He also discussed the underpinnings of the captive opportunity in this part of the world as well as the challenges facing the industry.
Mr. Al Kareh ran his presentation jointly with Mr. Karl Marietta, Vice President Finance and Administration of Tabreed, the UAE based leading district cooling provider which has recently incorporated the first captive insurance company to be domiciled in a MENA jurisdiction: Tabreed Captive Insurance Company (TCIC).
Ensurion conducted the initial feasibility of setting up TCIC, licensed, incorporated and now is managing this vehicle under the captive insurance laws of the Central Bank of Bahrain in what has proved to be a first for the regional insurance industry.
The session was very well attended and received very positive feedback from the audience who appreciated the fact that for the first time in the region a session on captives managed to relate the conceptual opportunity to a real life example incarnating the promising prospects of captive insurance in the Middle East region.
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