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Tawuniya appoints Northern Trust to manage passive equity portfolio

Tawuniya (The Company for Cooperative Insurancea), a Saudi Arabia-based provider of insurance services, has appointed Northern Trust Global Investments (NTGI), the asset management arm of Northern Trust, to manage a segregated passive equity portfolio, benchmarked to the Dow Jones Global Titans 100 index.

The appointment also includes transition management services, builds on Northern Trust’s existing asset servicing relationship with Tawuniya, which includes the provision of custody, investment accounting and performance services.

Tawuniya engages in cooperative insurance operations and related services including reinsurance and agency activities primarily in Saudi Arabia.

Tawuniya’s principal lines of business include motor, marine cargo and hull, fire, medical, engineering, energy, aviation, property and casualty, general accidents, and personal insurance as well as savings and investment plans.