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NEW YORK--ACE Ltd. announced that the Central Bank of Bahrain has approved the company to underwrite commercial property/casualty insurance and reinsurance.
Bermuda-based ACE said in a statement that it hopes to begin operating in Bahrain in August. The insurer has a representative office in Manama, Bahrain, which was licensed in November 2006.
The insurer will write both domestic business in Bahrain and facultative reinsurance and will focus initially on risks including oil and gas, power generation, large and/or complex property, casualty, construction, and directors and officers liability.
"The establishment of this branch and our ability to write local business with the backing of strong financial ratings is a key part of our strategy to develop our presence in the region," Giles Ward, ACE's regional director for the Middle East and North Africa, said in a statement.