Hansard International has entered into a strategic alliance with United Arab Emirates insurer Union Insurance to provide its clients with a new savings and investment vehicle.
The Isle of Man-based company announced the alliance via a statement to the stockmarket this morning with Hansard stating that the alliance forms part of Hansard’s “strategic objective to attain additional licensed access to key target markets”.
The statement said that Union Insurance, a UAE Insurance Authority-regulated company has appointed Hansard International as “reinsurer and administrator of its new savings and investment proposition, ‘Infinity'”, which will be launched in February 2017.
The statement read that Hansard Global plc (“Hansard” or the “Group”), the specialist long-term savings provider, announces that its insurance subsidiary, Hansard International Limited (“HIL”), has entered into a strategic alliance with Union Insurance Company PSC (“Union Insurance”), a major local insurer in the United Arab Emirates (UAE”).
Hansard Global plc is the holding company of the Hansard Group of companies. The company was listed on the London Stock Exchange in December 2006. The Group is a specialist long-term savings provider, based in the Isle of Man.
There was no accompanying statement from either company. Hansard declined to comment further on the deal until the product is officially unveiled in February.
UAE Insurance Authority
The move comes at a time when the UAE Insurance Authority is in the middle of implementing plans to tackle, as reported, what has been deemed as high fees and hidden commissions in life industry in the region. Insurance companies within the region have requested that the IA allows for a two-year delay to implement any planned changes. The IA is set to issue its response with plans expected to open a fresh consultation, by the end of this month.
Hansard Global utilises what it calls a controlled cost distribution model by selling policies exclusively through a network of independent financial advisors, and the retail operations of certain financial institutions who provide access to their clients in more than 170 countries. The Group’s distribution model is supported by Hansard OnLine, a multi-language internet platform, and is scaleable, the statement added.
The principal geographic markets in which Hansard Group currently services contract holders and financial advisors are the Middle East, the Far East and Latin America, in the case of Hansard International Limited, and Western Europe in the case of Hansard Europe Designated Activity Company, the Group’s two life assurance companies. Hansard Europe Designated Activity Company ceased accepting new business with effect from 30 June 2013.
Union Insurance is licensed by the UAE Insurance Authority and listed on the Abu Dhabi Securities Exchange. It has its corporate offices in Ajman and Dubai. Established in 1998 with paid-up capital of over AED330m, Union Insurance provides a comprehensive range of retail and commercial insurance products to clients in the UAE and the Middle East region.