Stratum appointed strategic project manager for BIIC

Stratum WLL, a Bahrain-based investment advisory firm, has been appointed by the Bahrain Monetary Agency (BMA) to serve as the strategic project manager for the Bahrain International Insurance Centre (BIIC), a company statement said yesterday.

Stratum will work closely with the yet to be completed Bahrain Financial Harbour and a global network of industry professionals in order to engage local, regional, and international participants from across the insurance sector, the statement, issued by the firm said.

The BIIC is an innovative, world-class facility designed and built specifically for the insurance industry.

Companies from across the industry are being invited to locate their operations in this specially tailored insurance centre within the $1.3 billion Bahrain Financial Harbour project along the Manama seafront.

"Bahrain continues to lead the way as an international financial centre by providing not only a supervisory regime recognising various insurance structures, such as captive insurers and takaful companies, but also in providing a world class facility as the BIIC providing insurers with direct access to an international insurance environment," said Tawfiq Shehab, director of the Insurance Directorate at the BMA.

Stratum has been engaged to actively manage the efforts of an extended team of professionals that will market BIIC's value proposition to the insurance industry.

Leveraging its proprietary venture development process, it will also facilitate discussions between industry-leading insurance companies and the regional business community in order to support the entry of foreign companies that have not previously operated within the region.