General Assembly of Kuwait Insurance approves adding reinsurance activity and changing trade name

Kuwait Insurance Company held its Extraordinary General Assembly yesterday, with an attendance rate of 77.253%. Shareholders approved all agenda items, foremost among them adding “reinsurance” to the company’s activities and amending its trade name to align with the new activity, in accordance with legal provisions and regulatory directives issued by the Insurance Regulatory Unit. These strategic steps are part of the company’s commitment to expanding its business scope, strengthening its competitive position in the market, and fulfilling all regulatory requirements set by supervisory authorities.

In a statement following the Extraordinary General Assembly meeting, Sami Sharif, Chief Executive Officer, said, “The addition of reinsurance represents a fundamental turning point in the company’s journey, as it will enable us to underwrite insurance risks to a greater extent, diversify revenue sources, and provide integrated insurance and reinsurance solutions that meet the expectations of our clients and partners.” He added, “The company name change was implemented in compliance with the directives issued by the Insurance Regulatory Unit and to reflect the company’s new identity following the inclusion of reinsurance among its core activities. We are proceeding to complete the remaining regulatory procedures to commence operational activities for the new line of business.”

The company concluded its statement by thanking shareholders for their continued trust and support for the Board of Directors’ decisions, which aim to achieve sustainable growth and enhance shareholder rights.