Union Insurance Company has announced its financial results for the first quarter of 2015. The company reported a 24 percent increase in gross insurance premium, up to AED172 million as at March 31, 2015 compared to AED139 million for the same period last year. The company’s total assets increased from...
Abu Dhabi National Insurance Company (ADNIC) announced its operational and financial results for the first quarter ended March 31, 2015. Commenting on these results, Khalifa Mohamed Al-Kindi, chairman of ADNIC, said: “The Board of Directors acknowledges the corrective measures and strategies being executed by the management to ensure ADNIC’s sustainable...
Oman Insurance Company (OIC) announces its selection as a preferred provider for Aircrew Protection International (API) offering airline pilots life insurance and investment plans. Each of the 1,700 members will have the opportunity to subscribe to a comprehensive life insurance policy up to the maximum of USD500,000. Eligible members will...
Fenchurch Faris Ltd. has launched its new branch office at Business Bay in Dubai. The branch, which became fully operational in March 2015, transacts direct and wholesale insurance broking services for the Dubai market. Rafat B. Faris, the company’s executive committee chairman, said: “Our new Business Bay office follows at...
Bermuda-based Arch Reinsurance Ltd., a member of Arch Capital Group Ltd., has completed the acquisition of Gulf Reinsurance Ltd. Gulf Re, a specialty reinsurer based in the Dubai International Financial Centre, was founded jointly by Arch and the Gulf Investment Corporation (GIC) in 2008. In 2014, Arch and the GIC signed...
Investments in the insurance sector rose by 10 percent in 2014 to AED40 billion compared with AED37.8 billion in 2013 according to preliminary figures released by the Insurance Authority, Sultan Al Mansoori, UAE minister of Economy told Al-Ittihad. Al Mansoori, who is also Board chairman of the Insurance Authority, says...
A.M. Best has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit rating of “a” of Orient Insurance PJSC (Orient) (United Arab Emirates). The outlook for both ratings remains stable. The ratings reflect Orient’s track record of excellent technical performance, very strong risk-adjusted capitalisation and solid business...
Standard & Poor's Ratings Services affirmed its 'BBB' counterparty credit and financial strength ratings on Saudi Arabia-based Wataniya Insurance Co. The outlook is stable. The affirmation reflects the view of the company's satisfactory business risk profile and lower adequate financial risk profile. In line with expectations, Wataniya's total capital increased...
Standard & Poor's Ratings Services affirmed at 'BBB' its insurer financial strength and issuer credit ratings on Saudi Arabia-based property and casualty insurer Al Sagr Cooperative Insurance Co. (Al Sagr Cooperative). The outlook remains positive. Al Sagr Cooperative continues to display a resilient, moderately strong financial risk profile, and S&P...
Bank Muscat and AXA Gulf signed a 10-year partnership agreement to offer bancassurance products covering life protection, investment and savings to Bank Muscat customers. The formal agreement was signed by AbdulRazzak Ali Issa, chief executive of Bank Muscat,andJérôme Droesch, CEO of AXA Gulf, at the bank’s head office attended by...
