8th Mar 2006 15:15
Arab Insurance Group (B.S.C.)08 March 2006 8 March 2006 Press Release Succession plans unveiled at Arig Manama: Arab Insurance Group (Arig) today announced certain management changesand succession plans following receipt of required regulatory approvals. Mr Udo Krueger will step down as Chief Executive Officer on completion of hisremarkably successful six year tenure with Arig. During his term of office, hesaw through the completion of his mission of achieving a turnaround for Arig,restoring its financial, operational and competitive position and charting outits strategies for future growth and profitability. Mr Krueger advised the Boardof Directors of his desire to leave Arig at the expiry of his current fixed termcontract at the end of June 2006. The Board of Directors approved a succession plan whereby Mr Yassir Albaharna,currently General Manager - Reinsurance, will become Arig's Chief ExecutiveOfficer effective from 1 April 2006. Mr Albaharna, 42, is a highly qualified Bahraini national who has served Arig invarious underwriting and managerial capacities with distinction since 1987, whenhe joined the Company as a trainee. He graduated in 1984 with a Bachelor degreein Engineering from McGill University in Montreal and then in 1986 obtained adual Master in Engineering (Manufacturing) and an M.B.A (High Honors) fromBoston University. In 1993, he was elected as "Fellow" and "Chartered Insurer"of the CII in London. Mr Albaharna has already been part of the general management team at Arig sinceNovember 2003 - in which capacity he has been closely involved in theformulation and implementation of Company strategies Additionally, Mr Albaharna represented Arig in a number of Boards. He currentlyserves as Chairman of Arima Insurance Software (Arig's subsidiary fordevelopment and marketing of insurance software), Chairman of Arig InsuranceCompany Limited, UK (having lately completed a successful solvent Scheme ofArrangement), Board member of Takaful Re Limited (the Islamic reinsurancesubsidiary of Arig incorporated in the DIFC in Dubai), Board member of ArabLebanese Insurance Group in Beirut (an associate company) and Board member ofthe Bahrain Insurance Association. The Reinsurance Operations will now be headed by Mr Andreas Weidlich, 50, aGerman national, who will become Deputy General Manager - Reinsurance from 1April 2006. Mr Weidlich has previously served with the German insurance majors,Allianz and Munich Re in several senior management positions such as Principal,Allianz Risk Transfer, Bermuda, General Manager, Allianz Re Singapore Branch andGeneral Manager and Deputy CEO of Munich Re Singapore Branch. Commenting on the appointments, Mr Khalid Al Bustani, Arig's Chairman, said, "Weare extremely thankful to Mr Krueger for his focused and dedicated efforts thathave paid rich dividends. It is also a fitting tribute to his stewardship thatwe are able to effect a smooth transition to a new generation of Arig's leadersensuring at the same time, continuity of management philosophy and style. Wewill miss Mr Krueger but wish him well as he takes a break from the insuranceand reinsurance industry." ***************** For further information or enquiries, please contact Deepak Kanulkar Head of Corporate Communications on Tel: +973 17 544 321, Fax: +973 17 531155, Mobile: +9733933 9263. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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