Oman Insurance Company (OIC) has posted strong growth with gross written premium that grew by 11.3 percent in 2014 reaching AED3.25 billion. Commenting on the results, Patrick Choffel, chief executive officer of Oman Insurance Company said, “Although 2014 was a challenging year, the company performed robustly and emerged stronger than...
Doha Insurance expects approval to set up a wholly owned reinsurance business — MENA Re Underwriters Limited – at the Dubai International Financial Centre ( DIFC ) within a few months, said CEO Bassam Hussein. "We have got the green light to go into the second stage and we are...
MedNet Jordan has signed a co-operation agreement with the Royal Medical Service (RMS) facilities and the Ministry of Health (MoH) to extend their healthcare services to MedNet members in Jordan. RMS and MoH facitlities will be part of MedNet Medical Network in addition to more than 1,800 medical providers in the private...
Standard & Poor's Ratings Services has assigned its 'BBB' long-term counterparty credit and insurer financial strength ratings to Qatari insurer Al Khaleej Takaful Group (KTG). The outlook is stable. The ratings reflect assessments of KTG's business risk profile (BRP) as fair and financial risk profile (FRP) as upper adequate. S&P’s...
Qatar Insurance Company (QIC) announced its financial results for the year ended December 31, 2014 following a meeting of the Board of Directors held recently. The audited financial statements for the year ended December 31, 2014 highlight that the Group has grown its asset base to USD4.4 billion from USD3.2...
A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit ratings of “a-” of Qatar General Insurance and Reinsurance Company S.A.Q. (QGIR). The outlook for both ratings is stable. The ratings reflect QGIR’s strong risk-adjusted capitalisation, sound track record of operating performance and enhanced enterprise...
Expanding its operations, the Oriental Insurance Company would soon open its fourth overseas office in Qatar, a top official said today. "Our foreign operations are now carried out in Dubai (UAE), Nepal and Kuwait. Very soon an office would go on stream in Qatar," company Chairman-cum-Managing Director A.K. Saxena said....
A.M. Best recently affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of Takaful International Company B.S.C. (TIC) (Bahrain). The outlook for both ratings remains stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M....
Saudi Arabia has made health insurance mandatory for people coming to the country on visit visa, the Saudi Cooperative Health Insurance Council announced after a meeting chaired by the health minister. “Those applying for visas to enter the kingdom for a visit, an extension or in transit, as well as...
Oman United Insurance posted a net profit of OMR3.57 million during 2014 registering a 28.9 percent drop from the OMR5.02-million profit during 2013. Gross written premium grew 2.5 percent to USD41.36 million from OMR40.34 million the previous year. Gross underwriting results grew 31.4 percent to OMR4.59 million from OMR3.49 million...
