Al Alfia Holding Acquires Stake In Seib Insurance And Reinsurance Company
Date
2/23/2023 5:13:49 AM
(MENAFN- The Peninsula) The Peninsula
Doha: Al Alfia Holding, the prominent Qatari-based investment group, has acquired a minority stake in Seib Insurance and Reinsurance Company LLC, a Qatari company and one of Qatar's premium insurance providers.
The Acquisition of the stake is expected to play a major role by reinforcing Seib's leading position in the domestic market, and by supporting the continuing expansion of the Qatari insurer's operations in order to keep pace with the growing needs of its clientele.
Founded in 2010, Seib is a Qatari insurance company licensed by the Qatar financial Centre Regulatory Authority (QFCRA). With this acquisition, Al Alfia Group will be represented on Seib's Board of Directors, allowing it to actively participate in the trusted insurer's strategic decision-making.
Commenting on the acquisition, Johnny DeGouveia, Group Chief Operating Officer of Al Alfia Group, said:“As a leading Qatari investment holding group with a robust and diversified portfolio across key growth sectors and markets around the world, Al Alfia is always committed to investing in companies with encouraging performances and promising futures such as Seib Insurance.”
He added,“Our partnership with Seib Insurance will serve as a major boost to its overall performance on the one hand, and a boon to the Qatari insurance market on the other. We look forward to enjoying a fruitful, cooperative relationship that will contribute positively to Qatar's economic development.”
Sheikh Jabor bin Yousef bin Jassim bin Jabor Al Thani, Chairman of the Board of Directors at Seib Insurance, said:“Seib is proud of this strategic partnership with Al Alfia Group, which will reinforce our position as a reliable insurance company of choice in Qatar,” he said.
“As we continue to maintain Seib's history of encouraging ratings from S&P Global, we are confident that this partnership will accelerate our growth trajectory and improve our business performance.”
He added:“We are excited to have Al Alfia Group on the Board of Directors, and we trust that this collaboration will serve the interests of our clients and our shareholders, as well as Qatar's insurance industry as a whole.”
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