Al Khanza Insurance Company PSC Appoints GCC Insurance Industry Veteran Sameer Ebrahim Alwazzan as Interim CEO, Continues its Commitment to Transparency and Operational Excellence

ABU DHABI, UAE, June 24, 2010 /PRNewswire/ -- Following the departure of Mr. Mohammed Jassim Al Masri as its General Manager, Al Khazna Insurance Company PSC is very pleased to announce the appointment of Mr. Sameer Ebrahim Alwazzan as Interim Chief Executive Officer. Mr. Alwazzan brings almost 30 years experience in the insurance industry to Al Khazna and, in 2006, he was awarded the Best Insurance Executive in the Middle East title by the Central Bank of Bahrain (CBB).

Commenting on Mr. Alwazzan's appointment, Khalifa Mohamed Abdulaziz Rubaya Al Muhairi, the Chairman of Al Khazna stated:

"We are very pleased that Al Khazna is able to attract high-calibre, experienced people such as Sameer Alwazzan and team to help Al Khazna honor its already public commitment to become a market-leading firm in terms of transparency and operational excellence. We are already seeing the benefit of Mr. Alwazzan's experience and wisdom. One of our key short-term priorities will be to continue to implement the new corporate governance rules to full implementation soon, and our team of experts, with Mr. Alwazzan at its helm, will be key contributors to this effort".

In addition, Al Khazna has appointed external advisors with extensive expertise and international and local experience to assist in optimizing its internal controls and operations.

As seen recently, Al Khazna has fully commenced the process of strengthening its management team and expects to make further announcements shortly.

A board meeting will be held in early course to review and approve corporate governance activities, to discuss the advisory team's findings, and to refine Al Khazna's further growth strategy.

"Al Khazna continues to advance towards its strategic goals of transparency and operational excellence and maintains its commitment to them. In the coming months, I am confident that our customers and other stakeholders will experience the benefit of our efforts." confirmed Mr. Al Muhairi.

SOURCE Al Khazna Insurance Company P.S.C.