About RAK Insurance

Click here to view the Corporate Profile

During the past 43 years since its establishment in 1974, RAK Insurance has grown significantly from a small local insurance company into a true regional insurance leader.

From its humble beginnings with a fully paid capital of AED 2 million, RAK Insurance has pioneered insurance in the United Arab Emirates emerging as a true regional force with a current paid up capital of AED 110 million and underwrites all major classes of business.

Amidst the global financial markets slowdown, RAK Insurance was able to withstand the market challenges and has remained a competitive player in the insurance field.

The Company’s primary focus is on innovative product development; technological advance-ment; employees’ learning and development; and building strong partnerships with dynamic companies as a preferred supplier of insurance products and services. RAK Insurance holds corporate social responsibility as a core value and firmly believes in transparency and promoting awareness to customers through education.

RAK Insurance has built a solid risk framework and has been a leader in establishing new and robust methods of analysing risk that allows the Company to maintain its position and its partners’ confidence across all market sectors it serves.

As a publicly listed company, RAK Insurance is listed on the Abu Dhabi Securities Exchange and is a founding member of the Arab War Risk Insurance Syndicate (AWRIS) and the Emirates Insurance Association (EIA). The Company also maintains its membership to the General Arab Insurance Federation (GAIF) and the Federation of Afro Asian Insurers and Reinsurers (FAIR).

On May 2015, RAK Bank became its major shareholder with an acquired total shares of 79.23%.

Our vision
Our vision is to be a market leader, build relationships, embrace change and be innovative while maintaining an edge to compete in the future, we want to leverage our vast experience to engage our customers with a fresh approach through leading innovative products and solutions.

Our mission
For our clients our mission is to constantly strive to develop innovative solutions and strategies to ensure they get exceptional value for their investment, and to make RAK Insurance the preferred choice for all existing and new clients through the quality of our service and evolving strategies, tailor made to best suit the client needs.

For our staff our mission is to create a working environment which will facilitate their continuing development and create a great place to work which is governed by fair and equitable treatment of all employees with clearly defined career path development opportunities based on, appreciation and recognition for their work and achievements.

Our values
Integrity
Transparency
Innovation
Excellence
Team Work
Results Oriented

Salem Al Sharham

Salem Ali Al Sharhan
Chairman

Ahmed Issa Al Naeem

Ahmed Essa Al Naeem
Vice Chairman

Shaikha Fatima Al Qassimi

Shaikha Fatima Al Qassimi
Board Member

Peter England

Peter England
Board Member

Jasem Ahmed Al Nuaimi

Jasem Ahmed Al Nuaimi
Board Member

Andrew Smith - Chief Executive Officer

An experienced head of business with significant experience in conventional and Islamic insurance across the UK and Middle East. An insightful strategic thinker with a proven track record of developing business plans and building sustainable businesses across the Middle East. Andrew has developed, maintained and enhanced long term business relationships with Board level and regional regulatory bodies as well as a proven implementer of strategic business plans.

Andrew has extensive experience in corporate governance and he has chaired and managed a number of executive governance committees that led to improvements internally and recognition of the company by local regulators. Andrew’s experience span across all areas of an organisation ranging from fiscal management, market development, technical development emerging markets, and creating shareholder value.

Andrew holds a Masters Degree (MSc) from the University of Leicester, a Post Graduate Diploma in Islamic Banking & Insurance from the UK and Financial Planning Certificates from the Chartered Insurance Institute.

Shyam Sankar - General Manager (RAK Life Insurance)

Shyam is an industry professional with over 15 years of experience in the insurance sector in the Middle East and India. He possesses a range of expertise in Bancassurance, Life and Medical product development and Sales.

Shyam is adept in building teams and creating & sustaining relationships with channel partners and driving cohesive efforts in achieving business objectives.

Having worked in various Middle East markets Shyam has introduced various Bancassurance models in different markets that have, through his negotiation and operational implementation skills, met performance objectives.

He is responsible for the entire RAK Life and Medical division.

Shyam holds an MBA in Marketing & Finance and Advanced Diploma in Insurance (ACII) through the CII, UK.

Claude Zoghbi - General Manager (RAK General Insurance)

With over 20 years of experience in the Insurance industry across the Middle East, Claude leads the overall direction of the General underwriting, re-insurance and claims division for RAK Insurance to optimise portfolio performance and ensure the General business profitability.

Claude provides astute technical underwriting advice and strategic insurance solutions to guide and influence partners in decision making. He contributes to the business development by creating and implementing underwriting strategies; sound policies, procedures and processes while maintaining its operations in compliance with the Regulatory standards.

He has helped to design products and innovate in the business to spearhead the pioneering spirit of the organisation while also looking at the risk analysis and mitigation through coverage design and rate modelling.

Claude’s experience in re-insurance risk, non-traditional and special risk placement; treaty negotiations; product and business development spans for more than 20 years.

Claude holds a degree in Business Administration major in Accounting and Finance from the Lebanese University; and a Diploma in Insurance through the CII, UK.

Manohar Bhoir - Chief Financial Officer

Manohar brings on board 16 years of diverse experience of working with global blue chip companies, Audit Firms and Greenfield operations. His broad range of financial and business management experience includes niche areas like M & A and Solvency II projects with large European companies. He is well-traveled and has experience of working in variety of worldwide locations, globally.

With his significant experience in Insurance and in multi-cultural teams, Manohar strengthens the RAK Insurance Management team. He will oversee the core Finance area as well assist the company in the business strategies.

Manohar holds a Master’s degree in Accountancy and an MBA in International Business.

Sami Zouagui - Chief Legal Officer

Sami has an extensive legal experience of more than 15 years in banking and insurance industries providing astute legal analysis and counsel for both internal and external affairs. His expertise include: corporate matters; standardisation of insurance policies and other insurance agreements (e.g, Broker Agreements, TPA Agreements); successful litigation of high-profile cases and negotiation and finalisation of complex legal transactions both local and international.

Being proactive, accurate and possesses strong negotiation skills, Sami oversees the overall legal activities of RAK Insurance. With a solid knowledge in business law, his tasks focus on efficient anticipation, prevention and management of legal risks; and provision of ingenious business-effective legal solutions.

Sami holds a Master Degree in Business Law from the Faculty of Judicial, Political and Social Science of Tunis and is registered with the Tunisian Bar Association. Sami is also the Founding Member of the International Association of Tunisian Banking and Financial Experts (AIEFBT).

Jason Carey - Chief Distribution Officer

Jason brings over 17 years of insurance industry experience having worked in a number of roles through the provision of account management, sales strategy, new business development, claims handling and risk consultancy services in the United States, Bermuda, and the Middle East servicing clients across various industry segments.

Jason is responsible for driving and achieving new business growth through the development of new and existing distribution channels in addition to having accountability for account retention through responsive client servicing and service delivery across the business which strengthens the RAK Insurance proposition of meeting the specific needs of our clients.

He leads the overall direction of Sales and Marketing operations across all business lines for RAK Insurance.

Jason holds an MBA in International Business and Marketing.

Simon Brookes - Chief Operating Officer

Simon joins RAK Insurance as Head of Operations bringing a wealth of experience in customer service and operational support from various business sectors and blue chip companies based in Europe.

He has worked alongside various European regulators and lead major projects in the management, delivery & implementation of key regulatory changes, part VII transfers and small initiatives for both functional and market facing business units within the UK insurance market. Simons’ experience at developing teams that strengthen business performance and reinforces client relationships will enhance and increase the excellent reputation of the RAK Insurance brand. He will oversee the operations and client support functions focusing on customer care, administration, IT and quality management.

Mohammed Hasan Khan – Chief Risk and Compliance Officer

Hasan joins RAK Insurance with over 15 years of experience in banking and insurance industries providing strategic, business, operating and risk management expertise. He started his career with HSBC and moved on to working for different Insurance companies in Indian and the Middle Eastern markets. He has delivered some complex business transformation projects across geographical locations from South America, Asia Pacific and Middle East regions. His major achievements include designing and implementing risk management frameworks, policies, programs and systems developing operational risk database, and designing dashboards and key risk indicators as tools to proactively manage risks.

He will focus on developing and executing risk based business strategies for RAK Insurance to strengthen its risk culture as well as develop, enhance, implement and embed enterprise wide risk management framework, governance structure and control processes.

Hasan holds a Bachelor’s degree in Accounting from India and has attended executive leadership education program from Harvard Business School, USA. He also holds a Diploma in Banking and Insurance and a Post Graduate Diploma in Islamic Banking & Insurance from IIBI, UK. He has published articles on Takaful and Risk Management for Islamic Finance News.

Video

RAK Insurance Mobile App Radio Ad

Andrew Smith CEO of RAK Insurance I Ethical Boardroom

Shyam Sankar, Head of Bancassurance interview for Bancassurance MENA Summit

RAK Insurance Q3 2015 Results

Andrew Smith CEO of RAK Insurance | Ethical Boardroom

RAK Insurance corporate video

Introduction

Click here to view the Corporate Profile

During the past 43 years since its establishment in 1974, RAK Insurance has grown significantly from a small local insurance company into a true regional insurance leader.

From its humble beginnings with a fully paid capital of AED 2 million, RAK Insurance has pioneered insurance in the United Arab Emirates emerging as a true regional force with a current paid up capital of AED 110 million and underwrites all major classes of business.

Amidst the global financial markets slowdown, RAK Insurance was able to withstand the market challenges and has remained a competitive player in the insurance field.

The Company’s primary focus is on innovative product development; technological advance-ment; employees’ learning and development; and building strong partnerships with dynamic companies as a preferred supplier of insurance products and services. RAK Insurance holds corporate social responsibility as a core value and firmly believes in transparency and promoting awareness to customers through education.

RAK Insurance has built a solid risk framework and has been a leader in establishing new and robust methods of analysing risk that allows the Company to maintain its position and its partners’ confidence across all market sectors it serves.

As a publicly listed company, RAK Insurance is listed on the Abu Dhabi Securities Exchange and is a founding member of the Arab War Risk Insurance Syndicate (AWRIS) and the Emirates Insurance Association (EIA). The Company also maintains its membership to the General Arab Insurance Federation (GAIF) and the Federation of Afro Asian Insurers and Reinsurers (FAIR).

On May 2015, RAK Bank became its major shareholder with an acquired total shares of 79.23%.

What we stand for

Our vision
Our vision is to be a market leader, build relationships, embrace change and be innovative while maintaining an edge to compete in the future, we want to leverage our vast experience to engage our customers with a fresh approach through leading innovative products and solutions.

Our mission
For our clients our mission is to constantly strive to develop innovative solutions and strategies to ensure they get exceptional value for their investment, and to make RAK Insurance the preferred choice for all existing and new clients through the quality of our service and evolving strategies, tailor made to best suit the client needs.

For our staff our mission is to create a working environment which will facilitate their continuing development and create a great place to work which is governed by fair and equitable treatment of all employees with clearly defined career path development opportunities based on, appreciation and recognition for their work and achievements.

Our values
Integrity
Transparency
Innovation
Excellence
Team Work
Results Oriented

Board of Directors

Salem Al Sharham

Salem Ali Al Sharhan
Chairman

Ahmed Issa Al Naeem

Ahmed Essa Al Naeem
Vice Chairman

Shaikha Fatima Al Qassimi

Shaikha Fatima Al Qassimi
Board Member

Peter England

Peter England
Board Member

Jasem Ahmed Al Nuaimi

Jasem Ahmed Al Nuaimi
Board Member

Management Team

Andrew Smith - Chief Executive Officer

An experienced head of business with significant experience in conventional and Islamic insurance across the UK and Middle East. An insightful strategic thinker with a proven track record of developing business plans and building sustainable businesses across the Middle East. Andrew has developed, maintained and enhanced long term business relationships with Board level and regional regulatory bodies as well as a proven implementer of strategic business plans.

Andrew has extensive experience in corporate governance and he has chaired and managed a number of executive governance committees that led to improvements internally and recognition of the company by local regulators. Andrew’s experience span across all areas of an organisation ranging from fiscal management, market development, technical development emerging markets, and creating shareholder value.

Andrew holds a Masters Degree (MSc) from the University of Leicester, a Post Graduate Diploma in Islamic Banking & Insurance from the UK and Financial Planning Certificates from the Chartered Insurance Institute.

Shyam Sankar - General Manager (RAK Life Insurance)

Shyam is an industry professional with over 15 years of experience in the insurance sector in the Middle East and India. He possesses a range of expertise in Bancassurance, Life and Medical product development and Sales.

Shyam is adept in building teams and creating & sustaining relationships with channel partners and driving cohesive efforts in achieving business objectives.

Having worked in various Middle East markets Shyam has introduced various Bancassurance models in different markets that have, through his negotiation and operational implementation skills, met performance objectives.

He is responsible for the entire RAK Life and Medical division.

Shyam holds an MBA in Marketing & Finance and Advanced Diploma in Insurance (ACII) through the CII, UK.

Claude Zoghbi - General Manager (RAK General Insurance)

With over 20 years of experience in the Insurance industry across the Middle East, Claude leads the overall direction of the General underwriting, re-insurance and claims division for RAK Insurance to optimise portfolio performance and ensure the General business profitability.

Claude provides astute technical underwriting advice and strategic insurance solutions to guide and influence partners in decision making. He contributes to the business development by creating and implementing underwriting strategies; sound policies, procedures and processes while maintaining its operations in compliance with the Regulatory standards.

He has helped to design products and innovate in the business to spearhead the pioneering spirit of the organisation while also looking at the risk analysis and mitigation through coverage design and rate modelling.

Claude’s experience in re-insurance risk, non-traditional and special risk placement; treaty negotiations; product and business development spans for more than 20 years.

Claude holds a degree in Business Administration major in Accounting and Finance from the Lebanese University; and a Diploma in Insurance through the CII, UK.

Manohar Bhoir - Chief Financial Officer

Manohar brings on board 16 years of diverse experience of working with global blue chip companies, Audit Firms and Greenfield operations. His broad range of financial and business management experience includes niche areas like M & A and Solvency II projects with large European companies. He is well-traveled and has experience of working in variety of worldwide locations, globally.

With his significant experience in Insurance and in multi-cultural teams, Manohar strengthens the RAK Insurance Management team. He will oversee the core Finance area as well assist the company in the business strategies.

Manohar holds a Master’s degree in Accountancy and an MBA in International Business.

Sami Zouagui - Chief Legal Officer

Sami has an extensive legal experience of more than 15 years in banking and insurance industries providing astute legal analysis and counsel for both internal and external affairs. His expertise include: corporate matters; standardisation of insurance policies and other insurance agreements (e.g, Broker Agreements, TPA Agreements); successful litigation of high-profile cases and negotiation and finalisation of complex legal transactions both local and international.

Being proactive, accurate and possesses strong negotiation skills, Sami oversees the overall legal activities of RAK Insurance. With a solid knowledge in business law, his tasks focus on efficient anticipation, prevention and management of legal risks; and provision of ingenious business-effective legal solutions.

Sami holds a Master Degree in Business Law from the Faculty of Judicial, Political and Social Science of Tunis and is registered with the Tunisian Bar Association. Sami is also the Founding Member of the International Association of Tunisian Banking and Financial Experts (AIEFBT).

Jason Carey - Chief Distribution Officer

Jason brings over 17 years of insurance industry experience having worked in a number of roles through the provision of account management, sales strategy, new business development, claims handling and risk consultancy services in the United States, Bermuda, and the Middle East servicing clients across various industry segments.

Jason is responsible for driving and achieving new business growth through the development of new and existing distribution channels in addition to having accountability for account retention through responsive client servicing and service delivery across the business which strengthens the RAK Insurance proposition of meeting the specific needs of our clients.

He leads the overall direction of Sales and Marketing operations across all business lines for RAK Insurance.

Jason holds an MBA in International Business and Marketing.

Simon Brookes - Chief Operating Officer

Simon joins RAK Insurance as Head of Operations bringing a wealth of experience in customer service and operational support from various business sectors and blue chip companies based in Europe.

He has worked alongside various European regulators and lead major projects in the management, delivery & implementation of key regulatory changes, part VII transfers and small initiatives for both functional and market facing business units within the UK insurance market. Simons’ experience at developing teams that strengthen business performance and reinforces client relationships will enhance and increase the excellent reputation of the RAK Insurance brand. He will oversee the operations and client support functions focusing on customer care, administration, IT and quality management.

Mohammed Hasan Khan – Chief Risk and Compliance Officer

Hasan joins RAK Insurance with over 15 years of experience in banking and insurance industries providing strategic, business, operating and risk management expertise. He started his career with HSBC and moved on to working for different Insurance companies in Indian and the Middle Eastern markets. He has delivered some complex business transformation projects across geographical locations from South America, Asia Pacific and Middle East regions. His major achievements include designing and implementing risk management frameworks, policies, programs and systems developing operational risk database, and designing dashboards and key risk indicators as tools to proactively manage risks.

He will focus on developing and executing risk based business strategies for RAK Insurance to strengthen its risk culture as well as develop, enhance, implement and embed enterprise wide risk management framework, governance structure and control processes.

Hasan holds a Bachelor’s degree in Accounting from India and has attended executive leadership education program from Harvard Business School, USA. He also holds a Diploma in Banking and Insurance and a Post Graduate Diploma in Islamic Banking & Insurance from IIBI, UK. He has published articles on Takaful and Risk Management for Islamic Finance News.

Corporate Governance

Financial Performance

Investor Relations

Welcome to RAK Insurance Investor Relations. As part of our core value of transparency, we believe that it is our duty to create transparent business partnership amongst our shareholders and other interested stakeholders.

We provide an overview of who we are as an organisation along with our financial performance; our corporate governance; and other pertinent details about our company.

RAK Insurance contact person who will assist you in all of your Investor Relations enquiries is as follows:

Email: investorrelations@rakinsurance.com

Contact Telephone Number

+971 7 227 3000
+971 54 303 5506

Credit Rating Report

Standard and Poor's credit rating report 2016

Standard and Poor's credit rating report 2015

Media

Video

RAK Insurance Mobile App Radio Ad

Andrew Smith CEO of RAK Insurance I Ethical Boardroom

Shyam Sankar, Head of Bancassurance interview for Bancassurance MENA Summit

RAK Insurance Q3 2015 Results

Andrew Smith CEO of RAK Insurance | Ethical Boardroom

RAK Insurance corporate video