Bahrain: Nasco Insurance Group acquires Crescent Global Insurance Services
Source: Middle East Insurance Review | Jun 2024
The Nasco Insurance Group, an international group that specialises in direct and reinsurance broking, has acquired the retail insurance broking company, Crescent Global Insurance Services.
The deal which was finalised on 21 April 2024, will allow Nasco to expand its international operations to the Kingdom of Bahrain.
“The addition of our new operation in Bahrain will allow Nasco to better accompany our MENA and international clients across the GCC. We believe that enhancing proximity between the client and his broker is key to providing quality service. Nasco will continue to provide seamless service to the operation’s existing clients,” said Nasco in a statement.
The transaction is limited to Crescent Group’s operations in Bahrain. Crescent Group’s international practice and network are not part of the deal and the Crescent brand name will remain the property of the Crescent Group. With the divestment of its Bahrain operation, Crescent Group will focus its efforts on its existing insurance and reinsurance underwriting operations in the UK and other European countries. The transaction was approved by the Central Bank of Bahrain. M