MANAMA, Bahrain--(BUSINESS WIRE)--The ACE Group of Insurance and Reinsurance Companies (NYSE:ACE) has announced that, together with its Saudi Arabian partner organisation, the Elkhereiji Group, it has received a Royal Decree authorising the establishment of a new domestic insurance entity - ACE Arabia Cooperative Insurance Company.
"This is a very significant step in the process set out in the insurance law of 2005", said Giles Ward, Regional Managing Director for ACE in the Middle East and North Africa. "It provides reassurance to our customers and staff that the Saudi authorities have confidence in our business plans and allows us to progress the formation of the company".
ACE has had a presence in the Saudi Arabian market in partnership with the Elkhereiji Group for over 30 years.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com