Dubai firm buys Bahrain unit of UK insurer

Dubai: Istithmar World, the Dubai government's private-equity arm, said it bought a Bahrain unit of Britain's specialist independent international reinsurance broker PWS Holdings to boost its presence in the Middle East.

"Insure Direct ... completed the purchase of the office, portfolio and insurance licence of PWS International Ltd, Bahrain," the company said in a statement released yesterday, without giving the value of the deal.

Insure Direct is pursuing expansion plans in Europe, the United States and Asia, Chief Executive Kenneth George Maw said in the statement, without being more specific.