Braxtone Insurance Management has been named captive insurance manager for Alturki Holding’s new captive insurance company based in Bahrain.
Saudi Readymix Concrete Company, a subsidiary of Alturki, has established Masheed Captive Insurance Company, which is licensed by the Central Bank of Bahrain to provide insurance to Saudi Readymix and all entities under Alturki Holding.
Alturki said by utilising the captive insurance model, it aims to improve its risk management framework and insurance programme.
As part of its appointment, Braxtone will provide full management of Masheed to service Alturki Holding and all its subsidiaries.
According to Braxtone, this further strengthens its team to be even more equipped to offer effective alternatives to traditional insurance by managing risk exposures via better control of how risks are managed.
Ayman Al Ajmi, CEO of Braxtone (pictured left), said: “Our proven track record is a testament to the people in our team, the value of our insurance technical expertise, and the attractive regulatory environment of Bahrain.”
Al Ajmi added: “With the diversity in the services and wealth in human capital, Bahrain is the ideal domicile for any captive set up in this region.”
Alturki explained that Bahrain is the natural gateway to the Gulf, with particularly favourable access to Saudi Arabia, as well as the $1.5 trillion market of the Gulf region.
It also noted that Bahrain is a key domicile for captive insurance and well-positioned as an attractive option for international captive owners needing a set up for the Middle East and North Africa (MENA) or Asian region.
President and CEO of Alturki Holding, Rami Khalid Alturki (pictured right), commented: “We are keen to position the right resource in the right place, which maximises the value created by Masheed for our group and all subsidiaries. Braxtone will enable our vision further to improve our control over the risk management programme. The outcome will add to the long-term sustainability of our businesses.”