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Kuwait Qatar Insurance Company announces official launch of operations in Kuwait

Kuwait: Wednesday, March 05 - 2008 @ 17:08

Kuwait Qatar Insurance Company (KQIC), has announced that it has formally launched operations as a Kuwaiti National Company, following completion of a joint venture partnership in the new company between the Industrial & Financial Investments Company (IFIC) and Qatar Insurance Company (QIC).

The announcement came at an official inauguration event for the new company at the Arraya Ballroom in Kuwait.

Qatar Insurance Company’s Branch operations were originally established in Kuwait during 2004 and the company will have a 40% stake and management responsibility in the newly established Kuwaiti-based operations. Qatar Insurance Company will continue to use its expertise in the Insurance Industry to manage the day to day operations of the new company. The remaining nine per cent of the company has been acquired by an Omani shareholder, Vision Investment Services Company.

The official inauguration was hosted by His Excellency Sheikh Hamad bin Faisal Thani Al-Thani, Board Director of Qatar Insurance Company and the Deputy Chairman of the newly formed Kuwait Qatar Insurance Company. His Excellency said: “Our new company and new partnership is the realization of the vision of the Qatar Insurance Group to expand both regionally and internationally. We are looking forward to the coming years as KQIC grows in this market and becomes a respected partner within the business community of Kuwait.”

Kuwait Qatar Insurance Company CEO, Mr. Gerald M. Van Campenhoudt, added: “We are very proud to have officially established ourselves as a true Kuwait based company through this joint venture with the Industrial & Financial Investments Company. Qatar Insurance Company has operated for several years in the Kuwaiti market as a branch of QIC, offering its multiple services in all lines of insurance. Now, with our establishment as a Kuwait based organization, we can better access local industries and significantly improve our service offerings for our Kuwaiti clients.”

Kuwait Qatar Insurance Company offers a comprehensive array of services across all streams of insurance, including Marine Hull & Machinery, Cargo, Stevedores and Hauler’s Liabilities, Aviation, Onshore and Offshore Energy, Motor, Group Life and Medical, Workmen’s Compensation, Personal Accident, Construction and Project Engineering, Machinery Breakdown, Property & Business Interruption, as well as Third Party Legal and Professional Liabilities.

The company operates from the Jassem Tower building in Kuwait on Soor Street, one of the city’s newest and most modern architectural landmarks.

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Wednesday, March 5- 2008 @ 17:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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