A life reinsurer has put its operation in the Middle East in new hands.
Scottish Re Group Ltd., Hamilton, Bermuda, says it has sold its Middle East life portfolio, which generates about $22 million in annual premium revenue, to Arab Insurance Group, Bahrain.
Scottish Re, which ran into management and financial challenges and has been working to revamp its operation, now will focus international efforts on the United Kingdom, Ireland and Asia, according to Dave Howell, head of the company’s international business.
Arab Insurance Group, which is also known as Arig, is the parent company of Takaful Re, Gulf Warranties and other property-casualty insurance businesses.
Scottish Re and Arig are not saying how much Arig is paying for the Scottish Re Middle East operations, but Scottish Re says a number of its employees in the Middle East have transferred to Arig.
Arig “has been exploring ways to diversify from its traditional non-life book,” Arig Chief Executive Yassir Albaharna says in a statement about the Scottish Re deal.