April 23, 2021

Middle East Views

Middle East Views
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Dubai Investments increases stake in NGI

Dubai Investments announced the execution of a direct deal, acquiring 21.53 percent shares of National General Insurance Company P.J.S.C (NGI) from Emirates NBD Bank PJSC, thereby increasing its aggregate stake within the insurer. The aggregate ownership of Dubai Investments in NGI, following the execution of the direct deal the aggregate...

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BIA elects new chairman

Solidarity Bahrain chief executive Jawad Mohammed has been elected as the new chairman of the Bahrain Insurance Association (BIA) for the 2021-2022 term. This announcement came as the BIA held its regular general meeting for the financial year ending December 31, 2020 in the presence of representatives of the Central...

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AJ Gallagher, MIG Group to form strategic partnership

MIG Holding Ltd (MIG Group), the insurance investment group behind ACE Insurance Brokers, and Gallagher, have agreed a strategic partnership which will see them jointly develop their presence in the MENA region. The agreement will see MIG Group and Gallagher become strategic partners in the three ACE Saudi entities and...

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ECI signs agreement with ENBD

Etihad Credit Insurance (ECI) and Emirates NBD have signed an agreement that aims to improve the liquidity of UAE exporters and businesses and enhance their global competitiveness. The agreement follows the Memorandum of Understanding (MoU) signed in 2019 between Massimo Falcioni, CEO of Etihad Credit Insurance, and Ahmed Al Qassim, senior...

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Saudi Re to strengthen capital base

Saudi Reinsurance Company (Saudi Re) has announced its board’s recommendation to the General Assembly to increase the company’s capital through 10 percent bonus share distribution, granting one share for each 10 owned-shares.  Saudi Re noted in a Saudi Exchange announcement that the board recommended the increase of  Saudi Re’s capital...

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Oman Re holds risk engineering workshops

Oman Reinsurance Company (Oman Re) has commenced with a series of Risk Engineering workshops in association with Xantray Consulting. With the evolving role of risk engineering within the insurance space, Oman Re’s monthly series of Risk Engineering workshops commencing from April 2021 cover a variety of topics including risk quality...

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MOHRE hikes employee insurance cost

The Ministry of Human Resources and Emiratisation has increased private sector employee insurance policy costs in a move to get private sector companies to pay the wages of their employees on time, under the framework of the national Wage Protection System aimed at ensuring labour stability. This issue is one...

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Takaful Emarat reports financial results

Takaful Emarat  recently announced its financial results for 2020 with net comprehensive income reaching AED7 million, compared to an AED37 million loss recorded the year before. These results follow a comprehensive restructuring during which the Company maintained salaries and benefits for all employees, in a step that highlights its HR-centered...

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AlAhli Takaful signs merger MoU with Arabian Shield

AlAhli Takaful Company (ATC) announced in a bourse statement that it entered into a Memorandum of Understanding (MoU) with The Arabian Shield Cooperative Insurance Company (Arabian Shield) to begin a reciprocal due diligence process and to negotiate the final terms and conditions of the potential merger of the two companies. The...

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CMA approves capital hike request

The CMA has announced its resolution approving Gulf General Cooperative Insurance Company’s request to increase its capital by way of rights issue valued at SAR300,000,000. The increase will be limited to the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of...

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