23 MAY 2019
Approved transactions and appointments

The Insurance Control Commission (ICC) has approved the following transactions:

# Company Name New Majority Shareholders
1 AIG Lebanon S.A.L. AIG MEA Holding Company Limited
2 Assurex S.A.L. Saradar Insurance Holding S.A.L.


In parallel, the ICC has approved the following appointments:

# Company Name Appointed Person Position
1 CIGNA Insurance Middle East S.A.L. Raed Labaki General Manager
2 Mediterranean & Gulf Insurance & Reinsurance Co. S.A.L. (MEDGULF) Mohammad Bachir El Khatib General Manager
3 Assurex S.A.L. Mario Saradar General Manager


These approvals were subject to standard regulatory and governance conditions, as implied by the prevailing regulations and by the Insurance Core Principles (ICPs) emanating from the International Association of Insurance Supervisors (IAIS).

The ICC stresses that any information that has neither been formally released from its end nor published on its website may not be accurate and should not be relied upon.