(MENAFN- Muscat Daily) Muscat- National Life and General Insurance Company (NLGIC) is looking to strengthen its foothold in the UAE's insurance market.
NLGIC announced that an agreement has been reached on the acquisition of Inayah TPA LLC, a UAE-based third party medical claims administrator, according to a press release.
NLGIC is a leading insurance company in Oman and has overseas branches in Dubai and Abu Dhabi.
S Venkatachalam, chief executive officer of NLGIC, said: 'NLGIC has already established its presence in the UAE's life and health insurance market. The acquisition of Inayah TPA is a strategic investment which will benefit the company in manifold ways in the long term. Having our own claims processing capability will provide NLGIC with direct access to a wide network of hospitals to render better customer service and improve profitability by having more control on claims cost and claims management cost.'
'This acquisition is a strategic fit to our overall objective to maximise shareholder wealth,' he added.
NLGIC has obtained license to start operations in Kuwait. This is the company's second foray into countries outside Oman.
'We are glad to get this opportunity to do business in Kuwait. We would like to thank the Kuwait administration as well as the Oman establishment for all the support given to us from time to time. Kuwait is a potential market and we look forward to provide our expertise and best business practices to the people of Kuwait and replicate our growth story,' Venkatachalam said.
NLGIC said the Kuwait operation is another feather in the cap of its wide network coverage. The company currently has more than 190 sales/service touch points across Oman and the UAE. Now Kuwait would be added to its expanding geographical reach.
NLGIC offers various products in life, general and corporate insurance and is the market leader in medical insurance.
The leading insurer also holds B++ financial strength rating from AM Best Co and ISO 9001:2008 certification from British Standards Institute (BSI). These ratings together give its clients and associates an assurance of its financial strength and a guarantee of its quality in systems and processes.
'In line with our strategy to offer insurance solutions in personal lines, Kuwait is a market where we see tremendous potential in personal lines insurance. We see this is an opportunity to replicate our UAE success in Kuwait also', NLGIC said.
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