General Assembly of Kuwait Insurance: Addition of Reinsurance Activity and Name Change
Shareholders of Kuwait Insurance Company approved the addition of reinsurance activity and the change of the trade name in accordance with the requirements of the Insurance Control Unit.
Translated by Qiyas from الجريدة — Original source
Kuwait Insurance Company held its extraordinary general assembly today (Monday), with an attendance rate of 77.253 percent. Shareholders approved all agenda items, foremost among them the addition of “reinsurance” to the company’s objectives and the modification of its trade name to align with the nature of the new activity, in accordance with legal provisions and regulatory directives issued by the Insurance Regulatory Unit.
These strategic steps come within the framework of the company’s commitment to expanding its business scope, strengthening its competitive position in the market, and fulfilling all regulatory requirements issued by supervisory authorities.
In a statement following the extraordinary general assembly meeting, chaired by Board Chairman Talal Bahbahani, CEO Samy Sharif 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 income sources, and provide comprehensive 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 regulations issued by the Insurance Regulatory Unit and to reflect the company’s new identity following the inclusion of reinsurance among its core objectives. We are proceeding to complete the remaining regulatory procedures to commence operational activities for the new business line.”
