Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB) has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holding LLC. The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval. According to...
Dubai International Financial Centre (DIFC) has signed individual memorandums of understanding (MoU) with two leading institutions to fuel the region’s insurance sector by upskilling talent, as well as promoting efficiency and improvement. MoUs were signed with Lloyd’s, an insurance and reinsurance marketplace, as well as UK headquartered Chartered Insurance Institute (CII), with...
Integro Insurance Brokers Holdings Limited, the parent of UK-based firm Integro Insurance Brokers Limited which trades under the Tysers brand, has announced it has completed its acquisition of Risk Transfer Group (RTG) the privately-owned principal parent company of RFIB, a leading independent specialist Lloyd’s broker. This acquisition continues Tysers investment...
Arqaam Capital maintained a “Buy” recommendation on Saudi Reinsurance Company (Saudi Re), placing the sole national reinsurer amongst its preferred picks in the Saudi insurance sector. It has also revised the target price higher to SAR 11 per share based on further improvement in margins and more sustainable investment yields. In...
Sheikh Abdullah Salim Al Salmi, executive president of the Capital Market Authority has said the new amendments to the Standard Health Insurance Policy “Dhamani” aims to include additional provisions to accommodate coverage for domestic workers and to encourage employers to provide high quality and cost effective health care for domestic workers beside the...
A major gulf between how UAE employers view the health and wellness support they offer and the perceptions of employees could have a significant impact on productivity, according to new research from Aetna International, a leading global health benefits provider. The findings are revealed in the first of two new...
The Gulf Actuarial Society recently held an event to discuss the latest trends in the insurance industry. Speaking about the behavioural drivers of experience results, Karunanidhi Muthuswamy, chief actuary, RGA Middle East, observed the correlation between behaviour and mortality from an actuarial standpoint and how underwriting simplifies the process by...
The Insurance Authority announced the imposition of administrative penalties on a number of actuaries, for committing substantial violations of the regulations on licensing and registration of actuaries and organisation of their operations in force. These violations include: violating the legally defined basic duties of the actuary, failure to carry out...
Sultan bin Saeed Al Mansoori, minister of Economy and chairman of the Insurance Authority, recently launched the first digital supervisory platform for the insurance sector in the UAE. “The main objective of the development of the digital platform is to develop and enhance the control and supervision system of the...
Howden, part of the Hyperion Insurance Group, has announced a partnership with Guardian Insurance Brokers LLC. This partnership will strengthen Howden’s position in the Turkey, Middle East and Africa (TMEA) region. Guardian shareholders Sheikh Tahnoon Bin Saeed Al Nahyan and Fawaz Moukayed will remain invested in the business, with Moukayed...
