Bapco Energies has signed a strategic agreement with ACE Gallagher, a leading insurance company, to establish and manage an ‘Insurance Captive’.
After a rigorous selection process overseen by the Bahrain Tender Board, ACE Gallagher was appointed as the lead captive manager after securing the highest combined technical and commercial score.
This agreement aligns with Bapco Energies’ centralization efforts by consolidating the insurance portfolio across the Group.
This strategic approach facilitates the adoption of a unified risk management strategy providing a foundation for long-term sustainability. It reinforces the company’s resilience, stability, and adaptability to evolving insurance-related needs.
The insurance captive assumes particular significance amid the prevailing challenges in the insurance market, as it empowers Bapco Energies to assert greater control over its insurance portfolio, bolster its negotiating ability with commercial insurance markets, and optimize the overall insurance cost for the Group.
The agreement was signed by Mark Thomas, Group Chief Executive Officer of Bapco Energies, and Yolla El Khoury, CEO of ACE Gallagher Group.
Mark Thomas Group COO Bapco Energies
“We have seen a global surge in the use of captive insurers as a critical risk management tool amidst the challenges of an increasingly hardening insurance market exacerbated by higher rates. We expect this upward trajectory to persist throughout this decade. As such, we are delighted to have secured this strategic partnership with ACE Gallagher. Their expertise will be instrumental in strengthening our risk management framework and enhancing our overarching initiatives in centralization and operational efficiency.”
El Khoury affirmed the importance of the agreement in providing expert guidance in the area of Captive Insurance.
“We are thrilled to join forces with Bapco Energies as we provide This strategic initiative not only demonstrates Bapco Energies’ unwavering confidence in their risk management practices but also paves the way for an enhanced risk profile,” El Khoury added.
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