ACE Granted Insurance License in Saudi Arabia

ACE Arabia Cooperative Insurance Company (NYSE:ACE) has announced that it has been granted a license by the Saudi Arabian Monetary Agency (SAMA) to conduct insurance business in the Kingdom of Saudi Arabia.
Syed Umer Ali Shah, Managing Director of ACE Arabia said: "We are delighted to have been granted this license which marks the final stage in the establishment of ACE Arabia as a locally-domiciled company in Saudi Arabia.
ACE has had a presence in the Saudi Arabian market since 1973 in partnership with the Elkhereiji Group. In April 2009, ACE Arabia Cooperative Insurance Company was listed on the Tadawal with capital of SAR 100 million ($26.6 million) and four million shares (representing 40 per cent of the company) were offered to the public.