PORTIA Expands Presence in Middle East to Support Evolving Insurance Requirements

December 2, 2011

We are pleased to announce an agreement with The Company for Cooperative Insurance (Tawuniya), the largest insurance company in Saudi Arabia. PORTIA will provide Tawuniya with a global solution to manage, analyze and report on their broad, multi-currency investment portfolio, mitigating risk and improving investment operations (see related press release here).

Through research and conversations with our clients and prospects in the region, we have observed strong economic growth in the Middle East insurance industry, even through the global economic recession.  Traditionally low insurance penetration in the region has created significant opportunities for expansion as awareness and acceptance of insurance is rapidly increasing.  In addition, the expansion of Takaful (an alternative to conventional insurance that is designed to reflect Islamic law) has fueled the growth across the region. 

Due to these factors, firms are focused on their ability to keep up with expanding business opportunities and increased global competition.  To do so, companies need cost-effective and efficient operations solutions that enable them to trade in multiple currencies and global asset types, as well as provide sophisticated reporting to clients and regulators.  For Tawuniya, PORTIA provides an automated financial technology solution that gives them the tools needed to expand and enhance their business.

“As the Middle East insurance markets continue to grow, firms will require automated solutions that are both Shariah-compliant and meet global accounting requirements.  PORTIA helps customers meet these challenges and cost effectively manage their increasingly complex middle-to-back office operations.” said Christy Bremner, Global Managing Director of PORTIA.

We look forward to working with Tawuniya to deliver a quick and smooth implementation and are committed to addressing the middle-to-back office challenges of the growing number of firms in the region.

Matt Bellias, Director of Strategy and Marketing

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