The purchase was completed through Insure Direct, the insurance and reinsurance broker owned by Istithmar World, as part of its plans to expand in the Middle East, Europe, the US, and Asia.

Kenneth George Maw, chief executive of Insurance Direct, said: “The acquisition of the Bahrain business will help strengthen our position in the Middle East and give us the opportunity to deliver services in insurance and reinsurance sectors in the Northern Gulf, Saudi Arabia, Jordan, Iraq, Syria and Lebanon."

The value of the deal has not been disclosed. Isthithmar World acquired Insure Direct in 2006 as part of its first movements into the insurance sector.