Istithmar World, the Dubai government's private-equity arm, said it bought a Bahrain unit of Britain's specialist independent international reinsurance broker PWS Holdings to boost its presence in the Middle East.

"Insure Direct ... completed the purchase of the office, portfolio and insurance licence of PWS International, Bahrain," the company said in a statement on Saturday, without giving the value of the deal.

CEO Kenneth George Maw said, "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."
 
Insure Direct is pursuing expansion plans in Europe, the United States and Asia, Maw added, without giving details. 
 
PWS International Ltd, Bahrain, is the Middle East operating arm of PWS Group, which is headquartered in London.