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German firm's unit wins CBB licence.

MANAMA: German industrial insurance firm Talanx's subsidiary HDI-Gerling Industrie has been granted a licence by the Central Bank of Bahrain (CBB) to open its first regional branch in the kingdom.

HDI-Gerling Industrie Versicherung covers the needs of industrial and commercial customers for tailor-made insurance solutions.

The new branch will cover all major lines of business in industrial insurance, including engineering insurance, property, liability and marine insurance. The company is a member of the Talanx Group.

"We welcome HDI-Gerling's decision to expand its operations in the Middle East by opening its regional branch in Bahrain," said CBB director of licensing and policy Ahmed Al Bassam.

"The presence of an arm to a reputable institution such as the Talanx Group in Bahrain adds value to the leading role that the kingdom holds as a financial centre in the region," he added.

"With the establishment of the new branch in the Gulf region, we are expanding the HDI-Gerling global network with a location in a very attractive economic region," said Talanx deputy chairman of the board of management Dr Christian Hinsch.

Alongside the German market, the company also has operations in more than 130 countries through foreign branch offices, subsidiary and peer companies, and network partners.

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Publication:Gulf Daily News (Manama, Bahrain)
Geographic Code:7BAHR
Date:Jul 24, 2012
Words:218
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