Solidarity Bahrain B.S.C, the leading insurance company in the Kingdom of Bahrain, announced the successful issuance of USD 114 million in Tier 2 Capital to strengthen its financial position and support its ongoing strategic initiatives. The capital raise was secured through a private placement arranged by Al Salam Bank and its asset management arm, ASB Capital
The issuance follows Solidarity Bahrain’s recent acquisition of Bahrain National Life Insurance Company (BNL) in April of this year and precedes its planned purchase of Bahrain National Insurance Company (BNI) from Solidarity Group Holding.
Al Salam Bank and ASB Capital was appointed by Solidarity Bahrain to provide dedicated advisory support throughout the issuance process, overseeing the deal’s structuring and coordinating the capital raise from a diverse group of local, regional and international investors. Backed by deep industry expertise and strategic partnerships, ASB Capital continues to respond to the evolving client needs across regional and global markets by offering innovative and tailored financing and capital solutions.
In this context, Ashraf Bseisu, Group Chief Executive of Solidarity Group Holding, stated:
“This issuance marks a pivotal milestone in our journey to grow our operations and optimize our capital base. The issuance was completed within a record timeframe, reflecting the robust investor confidence in our solid financial foundations, long-term growth trajectory, and the promising future of the insurance sector in Bahrain and the wider region.”
Meanwhile, Rafik Nayed, Al Salam Bank’s Group CEO and ASB Capital’s Managing Director, stated: “The successful and expedited closing of the issuance reflects not only our disciplined approach to capital optimization and innovative structuring, but also our deep expertise in transaction advisory and capital markets. This transaction highlights our commitment to delivering high-impact, results-driven advisory services backed by a strong pipeline from both local and regional institutional clients.”
