AInsure Direct (Brokers), Dubai, the insurance and re-insurance broking company under Istithmar World, has completed the purchase of the office, portfolio and insurance licence of PWS International, Bahrain, from the UK-based international broking company PWS Holdings Group.
This forms part of the company’s overall expansion programme to develop into an internationally operating unit. PWS International, Bahrain, is the Middle East operating arm of PWS Group, which is headquartered in London. It is one of the world’s leading specialist insurance and reinsurance brokers. The group has a global network of clients in more than 50 countries.
The acquisition of PWS International, Bahrain, is the first step Insure Direct has taken to expand globally.
“The acquisition of the Bahrain business will help strengthen our position in the Middle East and give us the opportunity to deliver services in insurance and reinsurance sectors in the Northern Gulf, Saudi Arabia, Jordan, Iraq, Syria and Lebanon,” Chief Executive Officer of Insure Direct Kenneth George Maw said.
“The company is pursuing major expansion plans in Europe, the US and Asia. We see huge growth potential for the insurance sector globally and in line with the Dubai World vision of global growth with local perspective, Insure Direct is keen to be part of the picture.”
Insure Direct, the Dubai based broker, became part of Istithmar World, the alternative investment arm of Dubai World, in 2006. The buy-out marked a strategic move by Istithmar World to invest in the insurance sector, which is growing fast and showing immense market potential.
The company is focusing on developing its core brokerage activity by building on group synergies and is, in addition, looking in the near future to further broaden its’ product range to incorporate Risk Management Support.
Insure Direct completes PWS acquisition