Bapco Energies, the forefront player in Bahrain’s energy transition, has announced a strategic collaboration with ACE Gallagher to establish an innovative ‘Insurance Captive’ tailored to its unique needs. The agreement, solidified after a meticulous selection process overseen by the Bahrain Tender Board, designates ACE Gallagher as the lead captive manager, citing their exceptional technical and commercial prowess.
This partnership underscores Bapco Energies’ commitment to centralizing its insurance portfolio and fortifying its risk management strategy amidst dynamic market conditions. By consolidating insurance functions under one umbrella, Bapco Energies anticipates enhanced negotiation leverage, optimized insurance costs, and a unified approach to risk mitigation, bolstering its resilience and adaptability to evolving industry dynamics.
At the signing ceremony held at Bapco Energies’ headquarters in Manama, Bahrain, senior executives from both entities, including Mr. Mark Thomas, Group CEO of Bapco Energies, and Ms. Yolla El Khoury, CEO of ACE Gallagher Group, affirmed their commitment to driving excellence in risk management.
Mr. Thomas expressed confidence in the strategic alliance, emphasizing the pivotal role of captive insurers in navigating the challenges of a demanding insurance market, while Ms. El Khoury highlighted ACE Gallagher’s dedication to delivering innovative solutions that align with Bapco Energies’ vision and goals.
The establishment of the insurance captive marks a significant milestone in Bapco Energies’ journey towards operational efficiency and long-term sustainability. With ACE Gallagher’s expertise and collaborative approach, Bapco Energies is poised to unlock new avenues for risk management innovation, consolidating its position as a leader in Bahrain’s energy landscape while setting new benchmarks in insurance excellence.
