ACE Gallagher to establish insurance captive for Bapco Energies

ACE Gallagher to establish insurance captive for Bapco Energies

Bahrain - Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain, has signed a strategic agreement with ACE Gallagher, a leading insurance company to establish and manage an ‘Insurance Captive’ tailored for Bapco Energies. Bapco Energies sought proposals from five of the world's leading captive managers. After a rigorous selection process overseen by the Bahrain Tender Board, ACE Gallagher was appointed as the lead captive manager after securing the highest combined technical and commercial score. This agreement aligns with Bapco Energies’ centralisation efforts by consolidating the insurance portfolio across the Group. This strategic approach facilitates the adoption of a unified risk management strategy providing a foundation for long-term sustainability. Furthermore, it reinforces the Company's resilience, stability, and adaptability to evolving insurance-related needs. The insurance captive assumes particular significance amid the prevailing challenges in the insurance market, as it empowers Bapco Energies to assert greater control over its insurance portfolio, bolster its negotiating ability with commercial insurance markets, and optimise the overall insurance cost for the Group. The signing ceremony, held today at Bapco Energies HQ in Manama, Bahrain, saw senior representatives from both companies in attendance. The agreement was formalised between Mark Thomas, Group