Bahrain National Holding, the parent company of Bahrain National Insurance and Bahrain National Life Assurance, and Ultra Tune from Australia announced the establishment of Ultra Tune Middle East.
The new entity is a 50/50 Bahrain based joint venture between BNH and Ultra Tune will cater not only for Bahrain’s automobile market, but also the GCC.
Ultra Tune is a car service franchise established in Australia in 1979. Ultra Tune Middle East’s services comprise of road assist and smash repairs; the company plans to set up and run its operations first in Bahrain and further expand to the GCC and MENA region at a later stage.
Services which the company will provide to insurance companies and the motor market include assistance to vehicles that suffer significant mechanical or technical failure such as a flat battery, flat tyre, and fuel or liquid run-out and towing service amongst many others; additionally the company will set up a smash repair business.
“This strategic venture will strengthen BNH’s regional and international network which is in line with our set business plans of horizontal and vertical expansion,” said Mahmood Al Soufi, Chief Executive of BNH and Chairman of Ultra Tune Middle East.
“The combination of bni’s vast experience in the insurance field alongside Ultra Tune’s expertise in roadside assistance and smash repair services will provide the market with unique solutions with international quality standards,’ he added.
“We are very pleased with this business partnership as it will provide a new level of innovative solutions for the region and a new level of international co-operation given bni’s leading position in Bahrain’s market and their extensive insurance database combined with Ultra Tune’s long term experience in providing car servicing in Australia will allow us to introduce a new variety of services in this region,” said Sean Buckley Managing Director of Ultra Tune Australia and Vice Chairman of Ultra Tune Middle East.
BNH, formed in 1998 – a merged company of formerly Bahrain Insurance Company and National Insurance Company– and owner of Bahrain National Insurance Company offers a full fledged range of Insurance and Management of Risk solutions. The Group’s paid-up capital of BD 11.35 million makes it one of the most secure insurance companies in the Gulf region. The Group’s portfolio includes Bahrain National Life Assurance Company and other associate companies; United Insurance Company (Bahrain), Arabian Shield Cooperative Insurance Company (KSA), National Finance House (Bahrain) and Al Kindi Specialized Hospital. BNH is also a shareholder and founding member of the Gulf Insurance Institute, an institute specialized in conventional and Islamic insurance.