Partner Re has announced that it is setting up a branch office in Dubai International Financial Centre (DIFC). The firm received approval to open an office from DIFC regulators and will begin underwriting operations at the start of next year. The Dubai operation will be run by subsidiary Partner Reinsurance...
Bermuda-based AXIS Capital Holdings Limited announced that its wholly owned subsidiary AXIS Re SE was granted a license by the Dubai Financial Services Authority in December 2015, to establish a representative office in the Dubai International Financial Centre. The AXIS Re SE Dubai representative office will focus on marketing accident...
A.M. Best has affirmed the financial strength rating of B+ and the issuer credit rating of “bbb-” of Arab Reinsurance Company S.A.L. (Arab Re). The outlook for both ratings remains stable. Whilst Arab Re’s risk-adjusted capitalisation has gradually decreased in recent years as a result of onerous dividend payments, it...
Standard & Poor’s Ratings Services has affirmed its 'BB' counterparty credit and financial strength ratings on Kuwait-based Wethaq Takaful Insurance Co. K.S.C. The outlook is stable. As a result of Wethaq's exit from Egypt, S&P’s assessment of its business risk profile has improved to fair, and Wethaq's industry and country...
Following Kuwait-based Al-Ahleia Insurance Co. S.A.K.'s (Al-Ahleia) acquisition of an additional 62 percent of Kuwait Reinsurance Co. K.S.C. Al-Ahleia's capital adequacy remains extremely strong as per S&P’s risk-based capital model. The ratings agency has affirming A- ratings for the company. The stable outlook reflects the view that Al-Ahleia will maintain...
The Ministry of Health intends to impose health insurance on visitors coming to Kuwait using tourist or commercial visit visas, ministry sources said in a Kuwait Times report. The sources added that a team consisting of members from the health minister’s office and the ministry’s legal affairs department was currently...
A.M. Best has affirmed the financial strength rating of A- and the issuer credit rating of “a-” of Bahrain Kuwait Insurance Company B.S.C. (BKIC). The outlook for both ratings is stable. The ratings reflect BKIC’s strong risk-adjusted capitalisation, excellent track record of technical profit and leading domestic franchise. The ratings...
A.M. Best has affirmed the financial strength rating (FSR) of B++ and the issuer credit rating (ICR) of “bbb” of Union Insurance Company P.S.C. The outlook for the FSR remains stable, while the outlook for the ICR remains positive. The ratings reflect Union’s strong risk-adjusted capitalisation, improving technical performance and...
RAK Insurancehas selected ESKADENIA Software for the implementation and support of ESKA® Insures. The new initiative named ‘Project Candlelight’ will help RAK Insurance provide better service to its customers by managing operations. Modular structure also ensures a high level of security and access authorisations. ESKADENIA will be deploying 18 software...
Abu Dhabi National Insurance Company (ADNIC) has announced its financial results for the third quarter ended September 30, 2015. Commenting on these results, Khalifa Mohamed Al-Kindi, chairman of ADNIC, said: “The Board of Directors acknowledges the corrective measures implemented by the Executive Management to restore the Company’s traditional levels of...
