Bahrain – Bridge Insurance and Reinsurance Brokers has announced an agreement to secure a strategic investment from Al Jazeera Shipping Company (AJS), one of the largest marine operators in the Gulf region.
Terms of the transaction were not disclosed.
The company, which currently provides insurance brokerage and consultancy services, is in the process of launching the first insurance comparison portal in Bahrain, Tameenek, in August 2019.
Commenting on the announcement, Chairman Mahmood Al Soofi said: “We are delighted to be partnering with Al Jazeera Shipping Co. We believe they are the right partners with whom we can expand our capabilities. Bridge is about to embark on a new and exciting chapter of growth with the launch of Tameenek this August and their strategic investment will help us further execute our ambition to provide exciting new solutions that can benefit all stakeholders.”
AJS is considered to be one of the largest marine operators in the Gulf region with vessels working all over the Arabian Gulf alongside offshore companies operating in Saudi Arabia, UAE, Kuwait, Oman, Iraq and other countries in the region.
“We are excited about our partnership with Bridge, particularly Tameenek, which is the first InsurTech platform of its kind in Bahrain. There are a lot of areas of mutual benefit and cooperation between the two parties, which we look forward to achieving. As a family business group, we are always aspiring to find growth opportunities that provide long term value creation, and we believe Bridge has put in place the right infrastructure to achieve that," stated Ali Hassan Mahmood, Managing Director of Al Jazeera Shipping Co. and Chairman of Hasan and Habib Sons of Mahmood Group of Companies.
© Press Release 2019