Hardy Underwriting Bermuda Limited has entered into an agreement with Arab Insurance Group (B.S.C), a reinsurance provider, to form a new 50:50 joint venture company called Hardy Arig Insurance Management (W.L.L) (HAIM). Both Arab Insurance Group and HAIM are based in Bahrain.

Hardy Underwriting Bermuda is a UK-based reinsurer operating within Lloyd's of London, while the new joint venture company HAIM will focus on reinsurance business.

Deal Type    Partnership
Sub-Category Joint Venture
Deal Status  Announced: 2009-10-18

Deal Participants

Partner 1 (Company) Arab Insurance Group (B.S.C)
Partner 2 (Company) Hardy Underwriting Bermuda Limited

Deal Rationale

The transaction enables both Hardy Underwriting and Arab Insurance Group to expand its services in the reinsurance market.