Manama, Bahrain, 30 October 2023: Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain, signed a long-term agreement with Bahrain National Life Assurance Company (bnl). This strategic partnership, facilitated by Protection Insurance Services (PIS), will consolidate the Bapco Energies Group under a unified medical and life insurance policy.
This agreement, set to span four years, aligns with Bapco Energies’ overarching strategic initiative to consolidate operations and drive efficiency across the Group. The consolidation signifies a major step towards the Group’s transformation and centralization plans, uniting its operating companies under an integrated life and medical policy.
The public tender exercise was successfully conducted through the Bahrain Tender Board (BTB), where all Central Bank of Bahrain (CBB) licensed insurance companies were invited to participate. As part of this agreement, Protection Insurance Services (PIS) acts as the assigned brokerage firm offering expertise on various insurance services.
Signing on behalf of Bapco Energies, Mr. Mark Thomas, Group Chief Executive, and on behalf of bnl, Ms. Enas Asiri, Chief Executive Officer, and Mr. Samy Aziz, Executive Director at PIS. The signing ceremony hosted by Bapco Energies, was also attended by other senior executives from each entity including Mrs. Nouf Al Sowaidi, Group Chief Human Resources Officer at Bapco Energies, Mr. Tareq Wafa, Chairman of PIS, alongside Mr. Raed Fakhri, Group CEO of Bahrain National Holding (BNH).
Mark Thomas, Group Chief Executive Officer of Bapco Energies, said at the signing of this strategic partnership: "At Bapco Energies, we are committed to providing the best for our people. This agreement is a testament to our dedication to the well-being of our staff. By centralizing our medical and life insurance policy, we are streamlining our operations and ensuring that our employees receive the highest standard of care. Through our consultations with PIS, we are pleased to have found the right partner in bnl, a leading insurance provider in the Kingdom of Bahrain, to offer the best medical insurance services to employees across the Group."
"This agreement marks an important step towards providing unrivalled life and health insurance services for Bapco Energies Group,” said Enas Asiri, Chief Executive Officer, Bahrain National Life Assurance Company (bnl). "As Bahrain’s only local life and health insurance company, we are proud of this partnership which offers a powerful tool that enables shifting our focus to wellness and prevention, not only treatment. Our client’s wellbeing is at the heart of everything we do at bnl, and our team will continue to work diligently to deliver excellence.”
Following the signing ceremony, Samy Aziz, Executive Director, PIS shared his thoughts on the partnership: “This collaboration with Bapco Energies is an exciting opportunity for us at PIS. Our core mission is to create unique employee benefit plans for our clients, and we are delighted to say that we have successfully achieved our objectives. It has been a privilege working alongside Bapco Energies Group and all stakeholders involved.”
Following the launch of Bapco Energies earlier this year, this agreement stands as one of the many strategic initiatives within the Group’s ongoing transformation and centralization efforts. It underscores the Group's commitment to building a more streamlined and efficient organization, reinforcing its strategic role in Bahrain’s economic development and prosperity.