Braxtone Group Bahrain: Insurance Management, Captive Insurance and Run-Off Management

Ayman Al-Ajmi, Chairman and CEO at Braxtone Group, a company specialized in providing professional services for the insurance industry, presents Braxtone. In Bahrain, the insurance company acts as an insurance manager, but also provides other services such as captive insurance, run-off management, etc.

“We are a very unique company. There might be some companies who are similar to us in the US, but not in the region. We are modeled after operations in the US that we are actually trying to introduce to the market. We are in Bahrain as an insurance manager, which basically means that we manage insurance companies on behalf of shareholders. So, instead of actually creating a management team, you outsource that entire operation to Braxtone. We did that for three companies for AIG. Most of us are ex AIG, as well. Until the end of 2019 beginning of 2020, we were the official representative for AIG in Bahrain. We also manage what is called captive insurance. About 80% of captive insurance companies are US risk based. Braxtone also handles claims services and claims management. Adding to that, we do what is called a run-off management. We are the only company who actually have on-ground experience. We do professional services for the insurance industry. When there are difficulties or when insurance companies want to focus on their core business or with run-off or managing a captive insurance company or a claims management, we are the company to come to. When we have a company under our management, we are their insurance manager. So, we do the underwriting, we do the claims, we do the reinsurance dedicated to that one client. In one aspect, we do manage the entire operation of insurance and we provide insurance across the entire spectrum from medical, life, or general insurance. But there is a concentration and focus on P&C, property and casualty insurance, more than the life side of the business”, says Ayman Al-Ajmi.

For more information, please visit: www.braxtone.com.

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