ADQ, one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, entered into a definitive agreement to acquire the remaining 20 percent equity stake of The National Health Insurance Company – Daman – PJSC, from Munich Re, one of the world’s leading providers of reinsurance.
As a partner to ADQ, Munich Re will continue to be Daman’s reinsurer and continue its support in delivering best-in-class healthcare insurance services during the next stage of growth.
Since 2006, Daman has grown to become the nation’s largest health insurance provider with more than 2.5 million members. Today it manages the UAE’s most comprehensive healthcare network with sound and rigorous underwriting practices.
To build on its strong financial position for sustainable future growth, Daman introduced a new corporate strategy earlier this year to help transform its business operations, evolve its service offering and bring the latest innovations to its members across the country.
Fahad Al Qassim, Executive Director, Healthcare and Pharma at ADQ, said, “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, commented, “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.”
The transaction is subject to customary closing conditions, including regulatory approvals.