Insurance JV between KSA and New Zealand in Morocco

The Saudi group Al Jazea has signed an agreement with the New Zealand Company CBL (Contractors Bonding Ltd) to create an insurance company in Morocco. The news was broken by the Saudi newspaper Al Watan which highlighted the initial capital of US$13.3 million.

According to Mohammed Alhamadi, deputy chairman of the Saudi group, this new company is the first step towards the creation of many other companies in Arab markets. The Arab insurance market, Alhamadi said, grows by 20% on a yearly basis.

The total value of Arab markets' policies was more than US$20 billion in 2009. The new company will operate within different branches: general, maritime and third-party risk insurances. –AME info