ACE Arabia Cooperative Insurance Company (AACIC) said that it has received product approvals from the Saudi Arabia Monetary Authority (SAMA) for majority of the product lines it plans to provide.
ACE has received regulatory consent to conduct insurance operations in the Kingdom in January. It has commenced underwriting operations on February 1, 2009.
Sheikh Abdul Karim El Khereiji, chairman of ACE Arabia, said: We are extremely pleased to be able to commence operations and look forward to a successful performance in 2010 and beyond.”
Giles Ward, regional managing director for ACE, said: ACE Arabia has been long established in Saudi Arabia and throughout the transition to local incorporation we have continued to receive the strong support of our clients and broking partners. I would like to express our sincere appreciation for that support and wish the ACE Arabia team all the very best for what I know will be an exciting and successful future.
ACE Group is a commercial property and casualty insurance and reinsurance organization. It provides insurance products such as personal accident, supplemental health and life insurance to individuals in select countries. Its reinsurance operations include both property and casualty and life companies.