As a strategic partner of ADQ Holding, Munich Re will continue its mission to reinsure insurance policies issued by Daman and to support the provision of the best health insurance services during its next growth phase.
“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,” said Thomas Blunck, member of the board of management at Munich Re.
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.
Daman, which was founded in 2006, has grown to become the nation’s largest health insurance provider, with over 2.5 million members.
Daman is connected to a vast network of healthcare service facilities throughout the country, and it has a distinguished track record of accomplishments as a result of its commitment to implementing strong underwriting practices.
Daman introduced this year its new corporate strategy, which is based on pushing it towards transforming its business operations, developing its service offerings, and providing the latest innovations to the beneficiary members at the state level.
The new strategy seeks to achieve the goal of completing its position and emphasizing its strong financial position for future sustainable growth.
“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,” Fahad Al Qassim, executive director, Healthcare & Pharma at ADQ said.
ADQ, founded in 2018, has a portfolio of companies in key non-oil sectors of Abu Dhabi’s economy, including health care, tourism and hospitality, aviation, transportation, logistics, industrial, property, media, agriculture and food, and financial services.
Last month, the Abu Dhabi state holding company reached a definitive agreement to acquire Acino, a Swiss pharmaceutical company, in its largest deal in the healthcare and pharmaceuticals sector to date.