Abu Dhabi, UAE: ADQ, one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, entered into a definitive agreement to acquire the remaining 20 per cent equity stake of The National Health Insurance Company – Daman – PJSC, from Munich Re, one of the world’s leading providers of reinsurance. As a partner to ADQ, Munich Re will continue to be Daman’s reinsurer and continue its support in delivering best-in-class healthcare insurance services during the next stage of growth.
Since 2006, Daman has grown to become the nation’s largest health insurance provider with more than 2.5 million members. Today it manages the UAE’s most comprehensive healthcare network with sound and rigorous underwriting practices. To build on its strong financial position for sustainable future growth, Daman introduced a new corporate strategy earlier this year to help transform its business operations, evolve its service offering and bring the latest innovations to its members across the country.
Fahad Al Qassim, Executive Director, Healthcare & Pharma at ADQ, said: “We have worked closely with Munich Re on setting Daman’s strategy as an industry leader in the insurance sector. Acquiring the remaining stake will help us to further position Daman as a pioneer in healthcare insurance and build on its operational excellence, innovative solutions, valuable products and government partnerships. As part of our ongoing commitment to partnering with the world’s leading companies, we look forward to continue working with Munich Re during the next stage of Daman’s growth.
Dr. Thomas Blunck, Member of the Board of Management at Munich Re, commented: “We have collaborated with Daman since its inception, and we look forward to continuing our steadfast commitment to supporting the nation’s leading insurance provider as it embarks on its next stage of growth. We are delighted to continue our relationship with ADQ and as a strategic reinsurance partner working closely with Daman to support the business in delivering best-in-class health insurance services to its customers.”
The transaction is subject to customary closing conditions, including regulatory approvals.
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About ADQ
Established in Abu Dhabi in 2018, ADQ is one of the region's largest holding companies with direct and indirect investments in more than 90 companies locally and internationally. Both an asset owner and investor, ADQ’s broad portfolio of major enterprises span key sectors of a diversified economy, including energy and utilities, food and agriculture, healthcare and pharma, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the emirate into a globally competitive and knowledge-based economy. For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on Twitter, Instagram and LinkedIn.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyberattacks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
© Press Release 2021
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