Abu Dhabi sovereign wealth fund ADQ has agreed to acquire the remaining 20 percent equity stake of The National Health Insurance Company – Daman – from Munich Re.
In a statement released on Thursday, it said Munich Re will still be Daman’s reinsurer and continue its support in delivering healthcare insurance “during the next stage of growth”. No further details of the acquisition were revealed.
Fahad Al Qassim, executive director, Healthcare & Pharma at ADQ, said: “Acquiring the remaining stake will help us to further position Daman as a pioneer in healthcare insurance and build on its operational excellence, innovative solutions, valuable products and government partnerships.
“As part of our ongoing commitment to partnering with the world’s leading companies, we look forward to continue working with Munich Re during the next stage of Daman’s growth.”
Founded in 2006, Daman has grown to become the nation’s largest health insurance provider with more than 2.5 million members.
The transaction is subject to customary closing conditions, including regulatory approvals.
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