Saudi Reinsurance Co. (Saudi Re) has announced that the board of directors recommended increasing the company’s capital through a rights issue. The SAR445.5 million (USD118.7 million) rights issue will increase the capital from SAR891 million (USD237.5 million) to SAR1.336 billion (USD356 million). Accordingly, the number of shares will increase from 89.1 million...
The Dubai Chamber of Commerce has announced the launch of the UAE Pharma Business Group, which aims to establish a framework to promote and support the growth of local manufacturers of medicine within the UAE, GCC and internationally. The group is expected to welcome 50 member companies who will represent expertise...
RSA Insurance Group Ltd (RSA) and Intact Financial Corporation have announced the sale of RSA’s 50.00002 percent shareholding in RSA Middle East B.S.C.(c) (RSA Middle East) to National Life & General Insurance Company, majority-owned by Oman International Development and Investment Co. SAOG (OMINVEST), subject to regulatory approvals. The transaction follows the acquisition of...
Dubai National Insurance & Reinsurance PSC (DNIR) has approved the distribution of 30 percent cash dividends (AED 0.30 per share, implying total cash dividends of AED34.650 million) for the financial year ended 31 December 2021, after concluding its Annual General Meeting (AGM) recently. Khalaf Ahmad Al Habtoor, chairman of the Board of Directors,...
Lockton has announced the creation of The Wael Khatib Scholarship which aims to honor industry stalwart, the late Wael Khatib. The scholarship has been established by Lockton MENA through partnership with Bayes Business School, a leading Business School in the UK, one particularly respected for its MSc Insurance and Risk Management....
The Capital Market Authority has instructed all insurance companies to include the benefit of natural calamities coverage at the conclusion or renewal of insurance policies related to properties, homes and establishments as such coverage against natural calamities is essential for such types of policies. The regulator has specified to all insurance...
Oman Re has reported Gross Written Premium (GWP) of OMR27.6 million (USD71.7 million) for the year ended 31 December 2021, representing a 11 percent rise compared to previous year’s OMR24.8 million (USD64.3 million), thus demonstrating a Compound Annual Growth Rate (CAGR) of 23.9 percent from year 2016 onwards. The Company...
Council for Health Insurance has issued number of penalties on numerous employers for not complying with the bylaw of the health insurance, and the Council explained that these penalties came as a result of establishing the violation according to its databases, with regard to not providing health insurance for their...
Cigna Insurance Middle East [CIME] has announced the winners of its 3rd Middle East Brokers Awards. The annual event recognises and rewards the distinguished efforts of brokers who play a crucial role in driving the insurance sector in the region by demonstrating leadership through innovation and helping the insurer in...
Arab Insurance Group (BSC) is exploring opportunities for finding a buyer for its acquisition, according to a bourse statement. The Board of Directors of Arig recently signed an engagement letter for the appointment of Emirates NBD Capital Limited as financial advisor to Arig in relation to finding a buyer for...
