Leading High Risk Insurance Specialist Opens Second Iraq Office
AAIB Insurance Brokers, the leading Iraq insurance provider, has appointed Mr Michael Carr FCII as the Divisional Director of its Iraqi registered company Al Fajer Insurance and Reinsurance Brokers. He will be based at AAIB’s latest office to open in Iraq, located in the southern city of Basra.
Mike Carr has over 25 years experience in the insurance sector working across a variety of operational, product management and business development roles. His UK experience was built up at Zurich and Pearl before moving to work in Saudi Arabia, Jordan and Iraq. He joins Jordan based AAIB from Saudi based company SABB Takaful, where he was the company’s Chief Operating Officer.
AAIB Founder and Managing Director William Wakeham said: “Mike’s appointment and the opening of our Basra office signals exciting times for AAIB. We have been operating in Iraq since 2004 and have built up huge amount of knowledge and an incredibly sophisticated and cost effective portfolio of products. In line with our ethos, to work alongside out clients on the ground, we are now expanding our presence in Iraq which is being driven by experienced and highly knowledgeable members of the AAIB team like Mike. I am delighted to have him on board. He is a huge asset to the company and an invaluable support to our clients working in Iraq.”
Jordan based AAIB was the first foreign insurance business to register offices in Iraq when it opened Al Fajer Kurdistan Insurance and Reinsurance Brokers in Erbil in October 2008. The following year it opened the first ever registered premises in Iraq’s capital Baghdad which also operates under the locally registered name Al Fajer Insurance and Reinsurance Brokers. In line with AAIB’s commitment to supporting the Iraqi insurance industry the company is actively recruiting and training up local Iraqi staff for administrative and other core functions in its offices.
AAIB is also the first company to provide dedicated medical insurance policy for local employees in Iraq, Iraqi Kurdistan and Afghanistan. Launched in July 2009, the Regional Health and Health + Plans provide cover for in-patient and day-patient hospital treatment, including injury and illness resulting from acts of war, terrorism and kidnap. The policy is underwritten with ‘A’ rated security through Lloyds of London and was specifically developed to meet the needs and requirements of international companies looking to provide essential healthcare benefits to their local employees. With premiums starting from less than $10 per employee, per month, the policy has proved popular with companies, both large and small, looking to reaffirm their commitment and provide the best possible employment benefits and practises – not only for their expatriate staff, but also their local employees.
A pioneer of Iraq’s insurance sector, AAIB’s reputation as one of the leading organisations in handling all major insurance requirements in challenging and high risk regions is gaining momentum. Earlier this year, Managing Director William Wakeham was invited to address delegates at the annual Marsh National Oil Companies Conference in Dubai which, as part of the 2010 theme ‘NOCs into the Future: the Challenges and Opportunities Ahead’ addressed the current issues related to the management and transfer of energy risks in Iraq. In his speech, entitled “Doing business in Iraq – real life and practical routes to success” Mr Wakeham imparted invaluable insights and lessons to some of the world’s leading oil companies.
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