Abu Dhabi’s holding company ADQ signed a definitive agreement to acquire the remaining 20 per cent equity stake in the National Health Insurance Company, or Daman, as it is known, from Munich Re, as it continues to boost its healthcare portfolio.
Munich Re will continue to be Daman’s reinsurer as part of the deal and will provide support in delivering healthcare insurance services during the next stage of Daman's growth, ADQ said on Thursday.
It did not give the value of the transaction, which is subject to regulatory approvals.
“We have worked closely with Munich Re on setting Daman’s strategy as an industry leader in the insurance sector,” said Fahad Al Qassim, executive director of health care and pharma at ADQ.
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