Oct 14 2006 |
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Saudi Arabia: ACIG Assigns BMG as Lead Manager for IPO
JEDDAH, 14 October 2006 -- Allied Cooperative Insurance Group (ACIG) has mandated BMG Financial Advisors to act as arranger and lead manager to offer 40 percent of its shares to the public.The announcement was made yesterday by Dr. Omar Zuhair Hafiz, president and CEO of ACIG, which has been licensed along with 12 other insurance companies to operate in the Kingdom according to the decision of the Council of Ministers taken at its session held on Monday.
Aside from ACIG, the other licensed insurance companies are Gulf Union Cooperative Insurance , Arabian Shield Insurance , Sanad for Cooperative Insurance , Saudi United Cooperative Insurance (Amity), Assurance Saudi Fransi, Al-Ahlia Insurance, Mediterranean & Gulf Insurance & Reinsurance (MedGulf), Malath Insurance, Saudi Indian Insurance , Saudi IAIC for Insurance, SABB Takaful and Saudi Arabian Insurance.
Basil Al-Ghalayini, CEO of BMG, said the grant of license to the 13 companies was long awaited. "Surely, the Saudi capital market will react positively on the inclusion of these 13 insurance companies into the system," he added.
He emphasized on the need to have several licensed insurance companies in the Kingdom to increase the competition level that will in turn improve customer service, especially health insurance, which Dr. Hafiz expects to reach SR10 billion in the next five years.
ACIG is considered one of the oldest international insurance companies in the Kingdom, where its history goes back to more than 25 years of service in Saudi Arabia. Moreover, it offers several products within health and general insurance that covers a wide range of corporate and individual clients in the Saudi market.
BMG, which organized the first insurance forum in Saudi Arabia in cooperation with the Saudi Arabian Monetary Agency (SAMA) in 2004, has received the first license from the Capital Market Authority (CMA) for advising and arranging initial public offerings (IPOs). It has a well-established and successful track record in the insurance sector.
By Khalil Hanware
© Arab News 2006
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