Gulf Union Insurance & Reinsurance Company BSC(c) was incorporated in 1995 pursuant to a Cabinet decision of the Kingdom of Bahrain on 8th May 1994. The company is licensed to underwrite all types of insurance business and to accept reinsurance inwards business. The company is a subsidiary of Gulf Union Holding Co. BSC© (The Parent Company, earlier known as Gulf Union Insurance & Projects Management Holding Company BSC(c)), a Bahraini shareholding company. Gulf Union Insurance & Reinsurance Company BSC(c) holds 35% shares of Gulf Union Automotive Repair Centre WLL, an associate which undertakes repairs of motor vehicles arising out of motor claims of the company. The company also holds 15% shares of Gulf Electronic Management Systems WLL, an associate which undertakes administration of the medical & motor claims of the company.
Over the past two decades the company has carved a niche for itself in the market by positioning itself as one of the leading players GU Building Placing accent on the guiding factor of “Growth and Profitability”.
Bahrain’s domestic insurance market, including both Conventional Insurance and Takaful, comprises of 25 locally incorporated and 11 Overseas Insurance Firms carrying out insurance business in the Kingdom . Despite the increase in no of Companies Gulf Union was able to develop its portfolio to become the second largest motor portfolio in the market and having the following salient features.
- 15% Market share in Motor business in Bahrain
- More than 8% of Market Share of Total GNPI in Bahrain
- The Largest Retail Customer Base
- The highest no. of Policies in the Market
- Own Motor Garage Workshop
- In house TPA
- More than 12% Market share in Health Insurance
- More than 20 Brokers (Local and Global) working as channel partners
- Dedicated 24X7 Roadside Assistance
- Dedicated WhatsApp service for motor terms
It is now consolidating its position as the preferred choice for Property, Engineering, Marine and Liability lines of Business with the core concept of Risk based pricing. Gulf Union has a strong financial backbone but as part of its own Risk Management Program it has an Annual Treaty with A M Best- A Rated Reinsurers protecting its portfolio for short term and long term commitments with the clients for Excess of Loss and Catastrophic losses.
Gulf Union is the only Company in Bahrain to extensively use Whatsapp service to invite Queries and gives terms and Quotations on Motors to Customers on the Move. It is highly popular and a dedicated Executive handles this service.
The company is leveraging the modern day technology tools for retail business and providing portals to dealers ,channel partners, and brokers
The Company is managed by a Professional Board with a dynamic chairman and members having rich experience in Insurance, Finance Banking and Management . The day to day functions are managed by a competent managerial team lead by its CEO supported by a highly efficient Technical, Financial and Marketing team.
The Company provides an employee friendly workplace to follows a Non Discrimination Policy. Most of the local Bahraini staff are highly skilled getting their technical skills updated by way of training at BIBF . Gulf union employs professionals of other nationalities also. Gulf Union follows a 5 days week schedule, buts its senior managers are available for attending on issues on telephone even on week ends.
The office is in a landmark signature building very prominently located at the City’s heart near Salmaniya close to Al Hawaj.