Zurich has announced that it would begin a phased closing to new retail and small business customers in its general insurance business in the Middle East. Subject to an assessment of contractual obligations, existing portfolios in this business will be put into run off. This means that Zurich will effectively...
A.M. Best has affirmed the financial strength rating (FSR) of B++ and the issuer credit rating (ICR) of bbb+ for the Mediterranean & Gulf Insurance & Reinsurance Company (Medgulf) B.S.C and its subsidiaries. The outlook on the FSR and ICR for Medgulf Bahrain and Medgulf Lebanon all remain stable. The...
A.M. Best has placed under review with negative implications the financial strength rating (FSR) of B+ and the issuer credit rating of bbb- of National Takaful Company (Watania) PJSC. The rating action reflects Watania’s weak underwriting performance since incorporation. During 2015, operating losses have resulted in weakened risk-adjusted capitalisation and...
Takaful Emarat has announced its third quarter (Q3) results for 2015. Earned contributions have increased by 229 percent to AED270.2 million (AED82.1 million for Q3 2014). The net takaful income up 110 percent to AED27.3 million (AED12.99 million for Q3 2014), net operating income for Q3 2015 is AED1.3 million...
The Insurance Authority (IA) and the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) have jointly signed a Memorandum of Understanding (MOU) to enhance mutual cooperation on areas including supervision of insurance business and the exchange of relevant regulatory information and oversight. The MOU was signed by Ibrahim...
A.M. Best has downgraded the financial strength rating to B+ from B++ and the issuer credit rating to “bbb-” from “bbb” of Saudi United Cooperative Insurance Company (Wala’a). The outlook for both ratings remains stable. The rating action reflects exceptionally weak technical performance in recent years, resulting from a shift...
Dubai Exports recently signed a Memorandum of Understanding (MoU) with Coface for co-operation in promoting trade and export. The ceremony was attended by Engineer Saed Al Awadi, CEO of Dubai Exports, Massimo Falcioni, head of Middle East Countries at Coface, and Gregory Le Henand, country manager GCC countries at Coface Emirates...
Qatar Insurance Company (QIC) is entering the retail motor vehicle accident, travel and home insurance segment in the UAE through an online platform. The expansion into the direct personal insurance business in the UAE is a part of the global strategy QIC is pursuing. “We’ve been doing personal insurance business...
Moody's Investors Service has assigned a definitive rating of A1 to the Omani rials certificates to be issued by Oman Sovereign Sukuk S.A.O.C. a special purpose vehicle incorporated in Oman and wholly owned by the Government of Oman. The payment obligations associated with these certificates will be direct obligations of...
Legal and General Group has decided to sell its 50 percent stake in Legal & General Gulf (LGG), its Bahrain-based joint venture with Ahli United Bank (AUB) specialising in the extension of conventional and Shari’ah-compliant life insurance services. This move comes in the context of other corporate divestitures undertaken by...
