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A leading international insurance broker has announced that it has received regulatory approval from the Central Bank of Bahrain (CBB) to conduct business in the country.
A statement from Bahrain’s Economic Development Board (EDB) said it marked a major step forward in the company’s strategic growth ambitions in the Gulf region.
The establishment of Howden Bahrain adds another important area to Howden’s footprint in the Gulf region, with operations currently in Dubai, Abu Dhabi and Oman employing over 200 staff across the region.
It will provide a full range of insurance broking and risk consulting services in multiple risk areas, including aviation, construction, energy, financial institutions, maritime, property and casualty, employee benefits and specialty lines.
Commenting on its strategic move, Adam Knights, Executive Director and CEO, said: “I am delighted to be part of this exciting new venture in Bahrain, which has been my home for 26 years. We will provide Bahraini clients with a personalized insurance solutions backed by Howden’s expertise, data and analytics and technology capabilities.”
“Our work with a number of well-known Bahraini businesses encourages us that there are ample opportunities for alternative insurance brokers to offer services in the Kingdom, and our strategy is to grow a sizeable market share by leveraging our international capabilities to add value to Bahraini clients, through Attract and develop local talent,” he said.
Group chief executive David Howden said: “Howden has operated in the Gulf region for over a decade and we were drawn to the Kingdom of Bahrain because of its business-friendly reputation, combined with its comprehensive regulatory environment and experienced and talented local staff. Individual talent.”
“Our aim is to provide choice to clients in Bahrain and the wider Gulf region. We are eager to expand our existing territorial presence and develop a range of specialist solutions and look forward to establishing one of the leading brokers in the region, combining our An international platform with local expertise,” he noted.
Welcoming the group to the Kingdom of Bahrain, EDB Executive Director of Financial Services Business Development Dalal Buhejji said: “We are delighted to see Howden enter the market, benefiting from Bahrain’s reputation as the most established financial center and forward-looking business ecosystem in the region . “
“In line with the Financial Services Sector Development Strategy under the Kingdom’s Economic Recovery Plan, which outlines the overall goal of increasing the financial services sector’s contribution to GDP to 20 percent by 2026, further development of Bahrain’s insurance sector is along with five priorities important results,” Buheji said.
Attracting leading players such as Howden to set up operations in Bahrain is another positive step towards this goal, she added.trade arab news agency
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