Beyontec has signed a binding agreement signifying its acquisition by Singapore-based software products business Azentio Software. The transaction is conditional obtaining the necessary regulatory approvals. Beyontec has more than 300 employees and over 65 customers across the US, Middle East, and Africa. The company provides a comprehensive range of digital solutions for...
KG Information Systems Private Limited (KGISL), an IT services, consulting, and business solution provider, hasannounced the acquisition of AETINS Sdn. Bhd., (199801000924), through its wholly owned subsidiary in Malaysia, KG Information Systems Sdn. Bhd. (201301013805). The acquisition is a part of KGISL’s growth strategy in the InsurTech space. With the...
Abu Dhabi-based Berns Brett Masaood (BBM) has confirmed the acquisition of Dubai-based consultancy Refpoint Insurance Consultants LLC (RPIC), a strategic move that strengthens its services in insurance, risk management and financial services, and expands its regional footprint. RPIC specialises in insurance portfolio management and advisory support from its Dubai Maritime...
The winners of the Chartered Insurance Institute (CII)’s Public Trust Awards were announced recently at a virtual ceremony, lead by Julie Page, president of the Chartered Insurance Institute, which includes Dubai-based Oman Insurance and the African-Caribbean Insurance Network. The Building Public Trust Consumer Champion Award was won by Johnny Timpson for his consistent...
SAMA has released the first quarterly report of the insurance sector for the year 2021. The report compares the performance of the Insurance Sector during Q1 2021 with the corresponding quarter in the preceding year. Overall the sector showed positive developments during Q1 2021. The net income for the sector...
The Saudi Central Bank (SAMA) announced a possibility of adding benefits of COVID-19 risk coverage insurance to existing – non-beneficial – health insurance policies to insured visitors, for the remainder of these documents, through concluding an agreement with the insurance company issuing the policy. In a statement, SAMA explained that...
The Cabinet chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the prime minister of the Kingdom of Saudi Arabia, has approved merging the Public Pension Agency into the General Organisation for Social Insurance as well as several other arrangements. This decision was taken in...
The MENA region has experienced rising commercial insurance rates over the last 12 months, including in the construction, cyber, trade credit, professional liability, and energy and power lines of business. According to Marsh’s report, these increases are largely a consequence of the transitioning global insurance market and COVID-related claims. Directors...
Dr. Maryam Al Suwaidi, acting chief executive officer of the Securities and Commodities Authority (SCA) opened the fifteenth meeting of the Union of Arab Securities Authorities (UASA) held virtually in the presence of Jalil Tarif, secretary general of the UASA, and representatives from the UASA member states. Participants at the meeting discussed the...
China Export and Credit Insurance Corporation (SINOSURE) has chosen the Dubai International Financial Centre (DIFC) as the location for its first office in the Middle East. SINOSURE is a state-funded and policy-oriented insurance company established to promote China’s foreign economic, trade development and cooperation on a non-profit basis. SINOSURE had...
