The Arab Insurance Group (ARIG) has bought a 66 percent stake in Gulf Warranties, an extended warranty provider in the Gulf Cooperation Council (GCC) market. By its acquisition, ARIG will become the region's largest provider of automotive extended warranties coverage.
Established seven years ago, Gulf Warranties provides automotive warranty for both new and used cars with over 250,000 warranties sold to date. The Company offers coverage Gulfwide in association with leading motor vehicle distributors and manufacturers through selected insurance companies in these markets. ARIG has been the reinsurer for Gulf Warranties' motor vehicle extended warranty products since 1997.
Formed in 1980, ARIG is currently the largest reinsurance operation in the Middle East. The company has overseas offices in Tunisia, Kuala Lumpur, Hong Kong and Seoul. The Group operates subsidiaries in Morocco, Jordan, and Egypt and Tunisia. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
