A Bahraini energy company plans to create and manage a captive insurance company following a strategic agreement with an affiliate of global risk manager Mr Gallagher.
Bapco Energies, which describes itself as an integrated energy company leading Bahrain’s energy transition, announced that it has entered into a strategic agreement with ACE Gallagher.
Ace Gallagher beat out four other leading captive managers to secure the lead captive manager position, according to Bapco.
The energy company said the deal is in line with its efforts to consolidate the group’s overall insurance portfolio.
“This strategic approach facilitates the implementation of an integrated risk management strategy that is the foundation for long-term sustainability,” the company said. “Furthermore, it strengthens our resilience, stability and ability to adapt to evolving insurance-related needs.
“Insurance captives will become more prevalent in the insurance market as they allow Bapco Energies to assert greater control over its insurance portfolio, strengthen its ability to negotiate with the commercial insurance market, and optimize insurance costs across the group. It has a particularly important meaning among the challenges.”
Mark Thomas, Group CEO of Bapco Energies, said: “The use of captive insurance companies as an important risk management tool is growing globally as insurance markets become increasingly challenging and challenging due to rising interest rates. “We are seeing a sharp increase in the number of people living in the United States, and we expect this upward trajectory to continue.” It will persist throughout this decade.
“We are therefore pleased to have secured a strategic partnership with ACE Gallagher. Their expertise will strengthen our risk management framework and strengthen our comprehensive efforts in centralization and operational efficiency. It helps.”
ACE Gallagher CEO Yolla El Khoury (pictured) said:
“This strategic initiative not only demonstrates our unwavering confidence in Bapco Energy’s risk management practices, but also paves the way for strengthening our risk profile.
“Our team of highly skilled professionals drawn from local and regional talent pools provides unparalleled advice to improve Bapco Energy’s risk management practices through innovative solutions such as captive insurance. We are confident that we can achieve Bapco Energies’ goal of consolidating insurance policies, leveraging economies of scale, retaining some of the risk and generating returns. doing.”
Bapco’s energy portfolio includes Bapco Refining, Bapco Upstream, Bapco Gas, Bapco Gas Expansion, Bapco Tazweed, Bapco Air Fueling, Bapco Gasoline Blending, Bapco Lube Base Oil, Includes Bahrain LNG, GPIC, Bac Jet Fuel, and Asry.
ACE Gallagher is a leading regional brokerage firm in the Persian Gulf. ACE has been a broker in the Gulf for 70 years and recently entered into a partnership with Gallagher. He has 16 offices in 7 countries.
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