A new Managing Director has been appointed to insurance service provider Allied Insurance on Wednesday.

Mohamed Shafaz was appointed as MD to Allied Insurance by the Directors Board of State Trading Organization (STO).

The appointment was made following the resignation of Ahmed Ameel, who had been serving the company for five years.

Ameel had handed in his resignation in early December, owing to familial priorities.

Shafaz had been serving for the company for over 24 years. Prior to his appointment, he served as the company’s Executive Director and Deputy Managing Director.

Allied, a subsidiary company of STO, has been providing insurance services in the Maldives for 43 years.

Allied Insurance won the Business of the Year Award in Maldives Business Awards 2018.

The company’s capacity has increased to USD 120 million (MVR 2.17 billion) over the years.