Abu Dhabi private equity firm BlueFive looks to consolidate Gulf insurers

Abu Dhabi private equity firm BlueFive looks to consolidate Gulf insurers

Abu Dhabi-based private equity firm BlueFive Capital has launched a new investment unit to buy up Gulf insurance companies, with a view to later expanding across Southeast Asia.The firm, which raised $2 billion for its first buyout fund this year, said the unit’s first deal would be a stake in Saudi Arabia’s Gulf General Cooperative Insurance, one of the smallest of the kingdom’s 25 players. BlueFive didn’t disclose the size or value of the stak…