ADQ acquires remaining shares in Daman

ADQ acquires remaining shares in Daman

ABU DHABI- ADQ, one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, entered into a definitive agreement to acquire the remaining 20 percent equity stake of The National Health Insurance Company – Daman – PJSC, from Munich Re, one of the world’s leading providers of reinsurance. As a partner to ADQ, Munich Re will continue to be Daman’s reinsurer and continue its support in delivering best-in-class healthcare insurance services during the next stage of growth. Since 2006, Daman has grown to become the nation’s largest health insurance provider with more than 2.5 million members. Today it manages the UAE’s most comprehensive healthcare network with sound and rigorous underwriting practices. To build on its strong financial position for sustainable future growth, Daman introduced a new corporate strategy earlier this year to help transform its business operations, evolve its service offering and bring the latest innovations to its members across the country. Fahad Al Qassim, Executive Director, Healthcare and Pharma at ADQ, said, "We have worked closely with Munich Re on setting Daman’s strategy as an industry leader in the insurance sector. Acquiring the remaining stake will help us