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ADQ acquires remaining shares in Daman

Abu Dhabi - The transaction is subject to customary closing conditions, including regulatory approvals.

Published: Thu 14 Oct 2021, 3:32 PM

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Since 2006, Daman has grown to become the nation’s largest health insurance provider with more than 2.5 million members. — File photo

Since 2006, Daman has grown to become the nation’s largest health insurance provider with more than 2.5 million members. — File photo

ADQ entered into a definitive agreement to acquire the remaining 20 per cent equity stake of The National Health Insurance Company (Daman) from Munich Re.

The transaction is subject to customary closing conditions, including regulatory approvals.

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.

“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,” Fahad Al Qassim, executive director, Healthcare & Pharma at ADQ, said.

“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,” he said.

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.

“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,” said Dr Thomas Blunck, Member of the Board of Management at Munich Re.

— business@khaleejtimes.com



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