UAE - Mubasher: ADQ has signed a definitive agreement to purchase the remaining 20% equity stake of The National Health Insurance Company (Daman) from Munich Re, a reinsurance provider. 

Munich Re will continue to be Daman’s reinsurer to offer healthcare insurance services in its next stage of growth, according to a press release on Thursday.

Subject to customary closing conditions, including regulatory approvals, Daman set a new corporate strategy earlier this year to transform its business operations and provide the latest innovations to its members across the UAE.

The Executive Director of Healthcare and Pharma at ADQ, Fahad Al Qassim, 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."

Meanwhile, the Member of the Board of Management at Munich Re, Thomas Blunck, commented: "We are delighted to continue our relationship with ADQ and as a strategic reinsurance partner working closely with Daman to support the business in delivering best-in-class health insurance services to its customers."