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Reason for Existence | Shareholders | Board of Directors
ArabRe was established on March 11, 1972 in Beirut, Lebanon.
The idea was put forward by the Arab Insurance Federation; they wanted to
establish a reinsurance company that caters for the reinsurance needs of Arab
Insurance companies. The General Assembly agreed on establishing their
offices in Lebanon
because of the facilities and decrees that the Lebanese government gave
(Tax-exemption, free transfer of monetary funds, income tax exemption for
non-Lebanese employees...).
In its extraordinary meeting held on November 6, 1998, the General Assembly
of the Company’s Shareholders approved to increase its authorized capital
from US$12,288,000 to US$25,000,000. Furthermore, the abovementioned
extraordinary General Assembly in its meeting held on June 16, 2004 approved
to increase the authorized capital by US$25,000,000 to become US$50,000,000.
Objectives
The company was established to fulfill the following:
- Reinsurance operations
(inward and outward).
- Offer technical
services to Arab insurance markets.
- Help in the
establishment and incorporation of insurance and reinsurance firms.
- Make investments
following proper regulations.
- Manage Arab insurance
pools.
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Shareholders
Arab governments can contribute in the Company’s capital directly or
indirectly through governmental institutions, private Arab companies and institutions
or through Arab citizens.
Arab Re's shareholders comprise 56
shareholders coming from sixteen Arab countries:
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Saudi
Arabia
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Lebanon
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Egypt
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Libya
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Syria
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Iraq
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Kuwait
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Algeria
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Morocco
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Tunisia
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Jordan
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U.A.E.
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Bahrain
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Sudan
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Yemen
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Country |
Shareholders |
Percentage % |
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Saudi Arabia |
20.61 |
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Sheikh Khaldoun Barakat |
12.44 |
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Red Sea Insurance Co. |
6.17 |
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Trade Union Insurance Co. |
1.86 |
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Gulf Cooperation Insurance Co. |
0.13 |
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Lebanon |
14.64 |
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La Phénicienne |
4.94 |
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Al Ittihad Al Watani |
3.56 |
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United Commercial Assurance |
2.4 |
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Al Nisr Insurance Co. |
1.72 |
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Arabia Insurance Co. |
0.78 |
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Banque Misr Liban |
0.52 |
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The Middle Eats Ins. & Reins. Co. |
0.38 |
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Amana Insurance Co. |
0.3 |
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Egypt |
9.8 |
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The Egyptian Reinsurance Co. |
3.47 |
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Misr Insurance Co. |
2.92 |
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Al Chark Insurance Co. |
1.73 |
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National Insurance Co. of Egypt |
1.66 |
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Libya |
11.99 |
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Libya Insurance Co. |
11.99 |
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Syria |
11.02 |
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Syrian Insurance Co. |
11.02 |
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Iraq |
6.17 |
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Iraq Reinsurance Co. |
3.14 |
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National Insurance Co. |
1.51 |
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Iraq Insurance Co. |
1.51 |
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Kuwait |
6.12 |
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Gulf Insurance Co. |
3.9 |
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Kuwait Investment Authority |
1.79 |
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Al Ahleia Insurance Co. |
0.41 |
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Algeria |
5.12 |
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Compagnie Centrale de Réassurance |
5.12 |
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Morocco |
5.85 |
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Société Centrale de Réassurance |
4.82 |
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La Mutuelle Agricole Marocaine d’Assurance |
1.03 |
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Tunisia |
4.43 |
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Société Tunisienne de Réassurance |
1.85 |
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Société Tunisienne d’Ass. & de Réass. |
0.93 |
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Compagnie Méditerranéenne d’Ass. & de Réass. (C.O.M.A.R.) |
0.55 |
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Groupe des Assurances de Tunisie |
0.42 |
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Astrée Compagnie d’Ass. & de Réass. |
0.27 |
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Mutuelle Générale d’Assurances |
0.19 |
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Ministþþère de Finance – Direction des
Assurances |
0.12 |
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Cie. d’Ass. & de Réass. Tuniso-Européenne |
0.06 |
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Jordan |
2.44 |
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Arabian Seas Insurance Co. |
0.57 |
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Holy Land Insurance Co. |
0.32 |
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Arab Union International Insurance Co. |
0.32 |
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The United Insurance Co. |
0.27 |
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Middle East Insurance Co. |
0.25 |
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Jerusalem Ins. Co. |
0.22 |
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Arab Bank |
0.2 |
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Jordan Insurance Co. |
0.19 |
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The National Ahlia Insurance Co. |
0.07 |
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U.A.E. |
0.8 |
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Dubai Insurance Co. |
0.5 |
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Al Ain Ahlia Insurance Co. |
0.22 |
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Sharjah Insurance Co. |
0.07 |
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Bahrain |
0.55 |
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Bahrain National Holding Co. |
0.55 |
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Sudan |
0.33 |
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The National Reinsurance Co. |
0.33 |
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Yemen |
0.05 |
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Yemen Insurance & Reinsurance Co. |
0.05 |
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TOTAL |
100 |
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Board
of Directors
The Board of Directors should be made of 7 members minimum (9 maximum). The
members are elected every three years by the General Assembly. In turn, the
Board has to elect its Chairman and Deputy Chairman for that term. The Board
has many responsibilities. Therefore, part of the association’s
regulations is to meet at least three times a year.
Current B.O.D.:
Chairman:
Sheikh Khaldoun Barakat
Chairman & General Manager
Red Sea Insurance Company – Saudi Arabia
Vice-Chairman:
Mr. Tanous Feghali
Chairman & General Manager
General Insurance Company for the Near East (Al Ittihad Al Watani) – Lebanon
Members:
Mr. Bassem El Shaikhli
General Manager
Iraq Insurance Company – Iraq
Mr. Djamel Chouiter
Chairman & General Manager
Compagnie Centrale de Réassurance – Algeria
Mr. Khaled El Hasan
Managing Director & CEO
Gulf Insurance Company – Kuwait
Mr. Suleiman El Hassan
Chairman & General Manager
Syrian Insurance Company – Syria
Dr. Moawad El Habashi
Chairman
Misr Insurance Company – Egypt
Mr. Mustapha Bakkoury
Chairman
Mr. Ahmad Zinoun (Alternate member)
Société Centrale de Réassurance – Morocco
Mr. Meloud El Dauki
General Manager of Companies & Commercial Registration Department
General People Committee of Economy & Trade – Libya
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