LINK Ltd, the Bermuda-based reinsurance broker has acquired a majority share in Al Afaq, a prominent reinsurance broker established and operating in the kingdom of Saudi Arabia.
Through this acquisition, LINK is completing its existing MENA presence to include one of the largest insurance markets in the region.
A statement by the LINK group has confirmed that the transaction has obtained all required approvals from the kingdom’s regulatory authorities.
LINK group CEO Jihad Ghanem said, “This acquisition reflects LINK’s strong commitment to establishing deep roots in the MENA region and to contribute to the region’s development by providing not only traditional reinsurance covers but also much needed innovative and sometimes complex solutions to the region’s growing insurance needs. The kingdom of Saudi Arabia is one of the fastest expanding economies in the region boasting one of the most ambitious and visionary development programmes.
"The potential of its insurance market coupled with the sound existing regulatory and governance frameworks give us the full confidence that our technical, operational and technological capabilities can be successfully leveraged for the benefit of the Saudi insurance industry. Our partnership with Al Afaq to engage in this adventure results from our trust in their remarkable track record for professionalism and expertise as well as their strong reputation.”