Mubasher: Gulf International Services (GISS) on Wednesday announced that its subsidiary, Al Koot Insurance and Reinsurance Company, has won health insurance contracts from Qatar Petroleum (QP) and Qatar Gas.
The open tenders launched among local insurers aim at providing health care services for Qatar Petroleum and Qatar Gas’ staff and their families for a three-year period, according to a filing to the Qatar Stock Exchange (QSE).
“As two of our key clients, we are keen to serve Qatar Petroleum and Qatargas and reinforce the relationship by trust. We are confident of our ability to serve the needs of these organizations’ employees with high-quality services. At the same time, the award of the two contracts denotes Al Koot's success in rebuilding in-house capabilities,” Ahmed Rafea Al-Emadi, CEO of Al Koot.
Accordingly, Al Koot managed to add in excess of 50,000 members to its existing portfolio.
Both contacts come into force as of January 2019.
“Al Koot has reinforced its experienced teams with innovative technological solutions resulting into acquiring one of the largest networks amongst insurance companies in the region, and reflecting the strong financial capabilities and technical experience Al Koot has built over more than fifteen years of operation,” Al-Emadi added.
By the end of Tuesday’s session, GISS’s stock declined 2.23% at QAR 18.48.
