Ace Arabia Co-operative Insurance Company (AACIC) has announced that it has now received product approvals from the Saudi Arabia Monetary Authority for the majority of the product lines it wishes to provide.

This follows the January announcement that Ace had received regulatory consent to conduct insurance operations in the Kingdom. AACIC has announced that it commenced underwriting operations at the start of this month.

Sheikh Abdul Karim El Khereiji, chairman of AACIC, said: "We are extremely pleased to be able to commence operations and look forward to a successful performance in 2010 and beyond."