Abu Dhabi-based ADQ, one of the region’s largest holding companies, has entered into an agreement to acquire the remaining 20% equity stake of The National Health Insurance Company – Daman – PJSC, from Munich Re.
As a partner to ADQ, Munich Re will continue in its capacity as the company’s reinsurer.
Since 2006, Daman has grown to become the nation’s largest health insurance provider with more than 2.5 million members.
“We have worked closely with Munich Re on setting Daman’s strategy as an industry leader in the insurance sector,” said Fahad Al Qassim, Executive Director, Healthcare & Pharma at ADQ.
“Acquiring the remaining stake will help us to further position Daman as a pioneer in healthcare insurance and build on its operational excellence, innovative solutions, valuable products and government partnerships.
“As part of our ongoing commitment to partnering with the world’s leading companies, we look forward to continue working with Munich Re during the next stage of Daman’s growth.”
Thomas Blunck, Member of the Board of Management at Munich Re, added, “We have collaborated with Daman since its inception, and we look forward to continuing our steadfast commitment to supporting the nation’s leading insurance provider as it embarks on its next stage of growth.
“We are delighted to continue our relationship with ADQ and as a strategic reinsurance partner working closely with Daman to support the business in delivering best-in-class health insurance services to its customers.”