Ace Arabia Cooperative Insurance Company said that it has been granted a license by the Saudi Arabian Monetary Agency (SAMA) to conduct insurance business in the Kingdom of Saudi Arabia.
Ace had a presence in the Saudi Arabian market since 1973 in partnership with the Elkhereiji Group. In April 2009, Ace Arabia Cooperative Insurance Company was listed on the Tadawal with capital of SAR100m ($26.6m) and four million shares (representing 40% of the company) were offered to the public.
Syed Umer Ali Shah, managing director of Ace Arabia, said: We are 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 Arabia Insurance Company provides property, construction and liability insurance. It also offers insurance products such as personal accident, supplemental health and life insurance to individuals in select countries.