The Arab Insurance Group (ARIG), one of the Arab world's largest insurance companies. is to launch a new healthcare subsidiary later this year with authorised capital of $50 million.

The company says it is close to finishing the incorporation of the new wholly-owned subsidiary, to be called Arig Health & General Insurance Company. Initially, $10 million of the $50 million capital will be paid-up.

'The new subsidiary will provide a range of specialist medical expenses and related health insurance products and services throughout the Arab world,' an ARIG statement says. These will be launched later this year under the brand name of Arig Healthcare.

ARIG is now recruiting extra staff and setting up a computer system for the new subsidiary, whose services will include a telephone helpline, assistance and claims counselling services and an approved list of hospitals and doctors in the Arab world.

ARIG, which is based in Bahrain, has paid-up capital of $300 million and is owned by the UAE, Kuwait and Libya.