Hamad Abdullah Al Mehyas, Daman CEO
Hamad Abdullah Al Mehyas, Daman CEO Image Credit: Supplied

Dubai: One of Abu Dhabi’s biggest corporate entities, ADQ, will buy the remaining 20 per cent equity stake in the health insurer Daman from the German industry giant Munich Re.

Daman - otherwise known as The National Health Insurance Company - will still have Munich Re as its reinsurer.

Since 2006, Daman has become the country’s largest health insurance provider with more than 2.5 million members. Daman introduced a new corporate strategy earlier this year to help transform its business operations, evolve its services, and bring the latest innovations to its members across the country.

Fahad Al Qassim, Executive Director, Healthcare and Pharma at ADQ, said: “We have worked closely with Munich Re on setting Daman’s strategy as an industry leader in the insurance sector. Acquiring the remaining stake will help us to further position Daman as a pioneer in healthcare insurance. We look forward to continue working with Munich Re during the next stage of Daman’s growth.

Dr. Thomas Blunck, Member of the Board of Management at Munich Re, said: “We are delighted to continue our relationship with ADQ and as a strategic reinsurance partnerworking closely with Daman to support the business in deliveringbest-in-class health insurance services to its customers.”