MANAMA, Bahrain-A company that provides cooling systems for commercial buildings has formed the Middle East's first captive insurance company in Bahrain.

The National Central Cooling Co., also known as Tabreed, has formed Tabreed Captive Insurance Co. B.S.C. to fund the Abu Dhabi-based parent's insurance exposures. It will be managed by Ensurion W.L.L.

The parent company provides “district cooling systems” by producing chilled water at a central plant and piping it to buildings that use it for air conditioning.

“This is a significant milestone in the regional insurance industry's development,” agreed Youssef Al-Kareh, general manager of Ensurion, in the statement.

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