Omni Whittington has bought a stake in Mongolian insurer Ard Daatgal Company Ltd through its Guernsey-based subsidiary Omni Whittington Guernsey.
Omni Whittington has taken a 26% stake in the firm, with the option to increase this to 33.33% over the next 18 months. The deal went through for an undisclosed amount.
The introduction of new insurance legislation in Mongolia which requires higher levels of capital, higher standards of compliance and corporate governance, and introduces new compulsory classes of insurance has generated new demand for insurance coverage, said the company.
Omni Whittington said it had been working with Ard Daatgal over the past year to help exploit these new opportunities.
Tony Hobrow, chief executive of Omni Whittington's insurance business said: “This investment is part of our strategy to offer companies in emerging markets expertise, management and support on a strategic and operational level.
“The team at Ard Daatgal are enterprising and enthusiastic and we very much look forward to working with them to offer better security and a wider product range to the Mongolian businesses.”
Omni Whittington will also be sponsoring a London-based three-month training programme for two Ard Daatgal executives this autumn.
