Abu Dhabi’s ADQ acquires remaining 20% stake in Daman

By Shilpa Annie Joseph, Desk Reporter
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Daman
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Abu Dhabi-based largest holding company ADQ has signed a definitive agreement to acquire the remaining 20 percent equity stake of the National Health Insurance Company – Daman, from Munich Re, one of the world’s leading providers of reinsurance.

According to the statement, Munich Re will remain Daman’s reinsurer and support the delivery of best-in-class healthcare insurance services during the next stage of growth, as an ADQ partner. The transaction is subject to customary closing conditions, including regulatory approvals.

Fahad Al Qassim
Fahad Al Qassim
Executive Director
Healthcare & Pharma
ADQ

“We have worked closely with Munich Re on setting Daman’s strategy as an industry leader in the insurance sector. 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.”

Dr. Thomas Blunck, Member of the Board of Management at Munich Re said, “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,” Dr. Blunck added.

Earlier this year, Daman adopted a new corporate strategy to assist modernize its business operations, evolve its service offering, and provide the newest innovations to its members across the country.

Related: Abu Dhabi-based ADQ acquires 50% stake in IHC’s Eltizam for $30.4mn


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