Two leading investment holding firms – Oman National Investment Corporation (ONIC) and Oman International Development and Investment Co (Ominvest) have inked a memorandum of understanding (MoU) for exploring a merger possibility. In separate disclosures to the Muscat Securities Market (MSM), the companies said that the MoU was signed recently. As...
Turkey's insurance sector grew 6.4 percent in the first 11 months of 2014 compared to the same period last year. According to data released by the Insurance Association of Turkey, the insurance sector's premium production rose to TRY22.9 billion (USD10 billion) from TRY21.5 billion in the same period a year...
Suez Canal Insurance, a leading Egyptian composite insurer, has realised a year-on-year growth of 9.7 percent in issued premiums in the first half of current fiscal year 2014/15. According to general manager Ahmed Shehab, Suez's premiums reached EGP243.5 million (USS34 million) during H1, compared to EGP222 million a year earlier....
The insurance sector has increased its assets from EGP47 billion in 2013 to EGP55 billion in 2014, according to Mohamed Maeet, vice president of the Egyptian Financial Supervisory Authority (EFSA). The sector’s 15.1 percent growth rate has occurred despite the suffering of the Egyptian economy over the past three years,...
RSA Insurance Group Plc (RSA) is considering the sale of its Middle Eastern business as the UK insurer seeks to raise capital. RSA, whose operations span Europe, Asia, Latin America and Canada, is working with UBS Group AG (UBSG) on the potential sale of the unit, which may fetch less...
Arch Reinsurance Ltd. (Arch) has put forth a number of strategic initiatives to provide additional support to Gulf Reinsurance Ltd. (Gulf Re) founded jointly by Arch and Gulf Investment Corporation (GIC) in 2008. Arch has agreed in principle to acquire complete ownership of Gulf Re, subject to approval by the...
A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” of Emirates Retakaful Limited (ERL) (United Arab Emirates). The outlook for both ratings remains stable The ratings reflect ERL’s strong risk-adjusted capitalisation, good projected financial performance and adequate enterprise risk management. ERL...
Dubai Trade has signed an agreement with Dar Al Takaful to provide the marine and cargo insurance services through its online platform Tradeshield, which was launched earlier in 2014. The agreement was signed by Mahmood Al Bastaki, CEO of Dubai Trade and Saleh Al Hashmi, managing director of Dar Al...
Noor Takaful, the Islamic insurance arm of Noor Investment Group, has signed a Banca Takaful agreement with Dubai Islamic Bank (DIB), for the distribution of its individual and family Takaful products across the country. The Banca Takaful agreement signed seeks to deliver Shari'ah-compliant savings plan with Takaful benefits to customers...
Insurer Beazley has opened an office in the Dubai International Financial Centre (DIFC) to underwrite political risk, trade credit, terrorism, political violence, and contingency insurance. The office will be led by Crispin Hodges. Hodges added: "We are delighted to be amongst the first Lloyd's businesses to put specialist underwriters on...
