Al Sagr National Insurance Company (Al Sagr) headquartered in Dubai, was launched into operation in 1979 following a decree to this effect from the late Ruler of Dubai, and Vice President of the UAE, H.H Sheikh Rashid Bin Said Al Maktoum. The Company was licensed under Licence No. 16 in accordance with the Federal Insurance Law No. (9) of 1984 to transact all types of insurance business in the United Arab Emirates.

The Company is fully owned by UAE nationals who are very prominent in the business world for their varied interest. Their sheer sense of realism and pragmatic approach coupled with the liberal economic policies practiced by the rulers of the United Arab Emirates, their Highnesses the Sheikhs, among other factors, have greatly contributed to the Company's stride towards progress over a span of more than two decades. Today, Al Sagr is, undoubtedly, one of the leading insurance companies in the UAE. Apart from having reinsurance support from the world's leading reinsurers, the Company has its own Branches all over the UAE, and has a large scale insurance interest in the Kingdom of Saudi Arabia for the realization of which the Company has formed a Subsidiary Company with 50% stake. It has a long line of dedicated and diligent staff members, who are handpicked for their true professionalism and expertise. With their 'near perfect' handling of the affairs under the efficient leadership of the Management, the Company is confident of conquering new heights in its quest for progress and excellence.

However, all these developments and expansions that took place over a period of two decades that resulted in the Company's attainment of its present-day prestigious position could not have been brought about, but for the unstinted support it received from its vast clientele.

Al Sagr has never been a lone and solitary marcher in the wilderness. The Company's developmental stride was a harmonious process along with the development of the region, and in accordance with the requirement of its reputed clients. The Company was always quick to respond to the new emerging requirements and situations, which reflected the progress and transformation of the region. The resultant outcome of this hand-in-hand process of development has been remarkably manifold:

 
The Company continues its pursuit of excellence in the sphere of service to its valued customers, always cater to their interest and offer several new insurance products with multiple benefits every year.
 
The financial position of the Company is strengthened from its original capital investment of AED10 million to its present AED230 million paid-up capital, with steady growth of assets every year which has reached AED1.344 billion by the end of the 3rd Quarter 2009.
 

The Company has consolidated its position of sharing a major chunk of the premium written in the UAE and the Kingdom of Saudi Arabia. 


 
The subsidiary company, “Al Sagr Saudi Insurance Company”, presently operates from its Head Office in Al Khobar, with three branches in Dammam, Riyadh, and Jeddah. In line with the new co-operative insurance regulation promulgated in the Kingdom of Saudi Arabia, the shareholders of Al Sagr’s associate company, namely, Al Sagr Saudi Insurance Company have obtained license for the formation of a new company, namely, “Al Sagr Co-operative Insurance Company”, with a paid-up capital of SAR200 million, where Al Sagr National Insurance Company, is the majority shareholder with 26% share of the capital.  The new company which is expected to go operational shortly, will assume all the activities of the associate company.
The Company entered a very significant stage in its developmental stride, when it was listed in the year 2005, with the Dubai Financial Market, opening up new vistas of opportunities for the company and its shareholders.
Operating according to the highest level of technical requirement and equipped with the best of professional skill and expertise available in the industry, the Company has recently concluded a Management Agreement with M/s Union Insurance Company, Ajman whereby the entire operating and technical activities of Union Insurance effective from 1 March 2008 is being managed by Al Sagr National Insurance Company. The Company considers this a very significant leap in its developmental stride in the region.

Presently, the Company’s geographical presence is being extended further beyond the UAE frontiers. Licensing procedures for setting up a new subsidiary insurance company in Jordan is under process.

Today, due to the above factors and through the dedicated services the Company has been providing its valued customers, the Company has established a niche in the minds of its customers who range from multi-nationals to locals of the region it serves.

We re-dedicate ourselves to continue to provide the most cost-effective services for all the insurance requirements of our valued customers along with:

 
Personalized attention of the highest standard
 
Effective customer value added services
 
Comprehensive cover
 
Prompt claim settlement

BBBpi S&P RATING FOR AL SAGR NATIONAL INSURANCE COMPANY

 Last but not the least, we are pleased to announce that Al Sagr National Insurance Company is rated BBBpi by Standard & Poor’s reflecting very strong capital and earnings with consistent profitability, adequate technical reserves and strong solvency. Any further details required can be accessed from Standard & Poor’s website.

No doubt, our objective is to continue the process of upgrading our financial rating in the future to offer you better financial security.

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