(MENAFN - Khaleej Times) Green Crescent Insurance Company (GCIC), a new company dedicated to health insurance in the country, said response to its Dh137 million public issue opened for subscription last week is positive.
The IPO will be closed on June 23. GCIC is raising Dh250 million through its IPO, out of which Founders have subscribed for Dh112.5 million, 45 per cent of the total paid up capital.
Carl Sardegna, chief executive officer of GCIC told reporters that with the introduction of mandatory healthcare services, Abu Dhabi has opened new business opportunities for the insurance sector.
Currently health insurance penetration rate in the country is 26 per cent, and total market size is Dh3.2 billion, he said, suggesting that the sector will continue grow at an annual rate of 10-11 per cent.
The new company after setting up its operations in the UAE, will aggressively look forward for expansion in the GCC through a well developed strategy.
He said : "We anticipate our business to be propelled by the region's growing population, and most of all, by consumers who, having been exposed to private health insurance, will drive demand for sophisticated products that meet their needs."
"Opportunities abound for specialised health insurance players and we are confident in tapping the market with the right focus on people's needs, innovative products and superior services at competitive rates," he said.
Dr Mohamad Saeed Al Badi, chairman of the GCIC Founders Committee, said given the transformation taking place in the health insurance sector, the Founders of GCIC have identified opportunities to penetrate the market by offering specialised health insurance products and services and superior service.
GCIC will introduce proven US and international health insurance best practices, processes and technologies to consistently provide the best solutions and services to its customers. GCIC expects to launch its suite of products in the last quarter of 2008.
The board of directors consists of some of the most eminent personalities and businessmen who include, Shaikh Saeed bin Hamdan Al Nahyan, chairman, Dr Mohammad Saeed Al Badi Al Dhaheri, Mohamed Obaid Khalifa Jaber Al Murrer, Carl J. Sardegna and Dr Sami Ali Al Amri.