A.M. Best has revised the outlook to positive from stable and affirmed the financial strength rating of B++ and the issuer credit rating of “bbb+” of Abu Dhabi National Takaful Company P.S.C. (ADNTC). ADNTC has demonstrated a track record of excellent underwriting performance with a five-year average combined ratio (adjusting...
Abu Dhabi National Insurance Company (ADNIC) announced its financial results for the second quarter ended June 30, 2015. For the six month period ended June 30, 2015, ADNIC’s Gross Premium Written reduced by 9.4 percent to AED1.40 billion compared to AED1.55 billion for the same period in 2014. The overall...
A.M. Best has assigned a financial strength rating of B+ (Good) and an issuer credit rating of “bbb-” to Jordan International Insurance Company (JIIC) (Jordan). The outlook assigned to both ratings is stable. JIIC maintains strong risk-adjusted capitalisation, benefitting from low underwriting leverage and a strong reinsurance panel to support...
Arab Insurance Group (Arig) plans to take over full control of Takaful Re, a loss-making provider of Islamic reinsurance products and services to Islamic insurance firms, for a still undisclosed amount. The Dubai Financial Market-listed Arig announced that it was in negotiations with the holders of the 46 percent of...
Al Nabooda Insurance Brokers (ANIB) is organising the ANIB Reliable Trophy Corporate Cricket Tournament, set to begin on September 4, 2015. A total of 14 teams will be competing in the tournament, featuring organisations such as ENBD, Universal Steel, Dot Com and Gulf Health Care. The matches will be held...
Standard & Poor's has affirmed its 'BBB' insurer financial strength and counterparty credit ratings for the Bahrain-based Saudi National Insurance Co. (SNIC) and Outlook as stable. This is due to SNIC sufficient capital base to absorb higher level of capital and earnings volatility. Supporting factors towards this rating was S&P...
Standard & Poor's Ratings Services placed its 'A-' counterparty credit and insurer financial strength ratings on Kuwait-based Al-Ahleia Insurance Co. S.A.K. (Al-Ahleia) on CreditWatch with negative implications. Al-Ahleia's bid to acquire Kuwait Reinsurance Co. K.S.C. has been approved by Kuwait Re's shareholders. This will see Al-Ahleia consolidate Kuwait Re's accounts....
Qatar Insurance Company (QIC) announced its financial results for H1 of 2015, following a meeting of the Board of Directors held recently. The Board approved the audited financial results and the independent auditor’s report for H1 of 2015. QIC Group posted a GWP of QAR3.81 billion, recording double-digit growth of...
Abu Dhabi National Insurance Company (ADNIC), has announced the re-launch of its Health Education Awareness Program (HEAP). HEAP is an educational initiative designed for ADNIC customers, as well as members insured under ADNIC’s Health Plans, to raise awareness about health issues and to equip them with preventive strategies and tools...
The Insurance Authority (IA) has added medical ambulance and transportation service to auto insurance policies. Such addition will be made on issuance, renewal, or extension of any auto insurance policies from this year. The Authority explained in a press release that the Authority’s Board had issued by the end of...
