ADQ Acquires Remaining 20% Stake in Daman from Munich Re
Posted on 10/14/2021
Abu Dhabi Developmental Holding Co. PJSC (ADQ) agreed to acquire the remaining 20% equity stake of The National Health Insurance Company (Daman) from Munich Health, part of Munich Re. A statement released said, Munich Re will still be Daman’s reinsurer and continue its support in delivering healthcare insurance. Daman was formed in 2005 and started operations in 2006 and has more than 2.5 million members.
By 2009, Daman captured an 80% share in Abu Dhabi’s health insurance market.
The initial five-year agreement between both firms was signed in 2005 when Daman was set up. Daman was jointly owned by the government of Abu Dhabi (80%) and Munich Re (20%).