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MANAMA, BahrainA company that provides cooling systems for commercial buildings has formed the Middle East's first captive insurance company in Bahrain.
The National Central Cooling Co., also known as Tabreed, has formed Tabreed Captive Insurance Co. B.S.C. to fund the Abu Dhabi-based parent's insurance exposures. It will be managed by Ensurion W.L.L.
The parent company provides "district cooling systems" by producing chilled water at a central plant and piping it to buildings that use it for air conditioning.
The groundbreaking new captive, which is licensed by the Central Bank of Bahrain, is "a great achievement for all of us," said Abdul Rahman Al-Baker, executive director of financial institutions supervision at the central bank, in a statement. "We are confident other leading Middle East companies will follow Tabreed's lead in selecting Bahrain as their preferred domicile."
"This is a significant milestone in the regional insurance industry's development," agreed Youssef Al-Kareh, general manager of Ensurion, in the statement.