The Central Bank of Bahrain has granted a licence to Hardy ARIG Insurance Management (W.L.L) to establish an insurance management firm in Bahrain. HAIM is a joint venture company based in Bahrain and owned equally by Hardy Underwriting Bermuda Limited (LSE: HDU), the specialist Lloyd''s insurer and reinsurer, and Arab Insurance Group B.S.C (ARIG). It will develop reinsurance business primarily from the Middle East and North Africa region on behalf of Hardy syndicate 382 and ARIG .
As a coverholder for syndicate 382 (Hardy''s managed syndicate at Lloyd''s of London), HAIM will have the ability to offer significant line capacity and underwriting expertise. The new company will initially focus on construction and engineering business along with onshore energy risks, and will look to develop further lines in due course. HAIM will commence writing business incepting in 2010 with effect from Q4 2009, and will operate from ARIG's existing offices in Bahrain.
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