Zurich Insurance Group has entered into an agreement with Air Miles where customers will be able to earn air miles based on their motor, home and travel policies. This particular offer is applicable for customers in the UAE and customers will receive one mile for every dirham that they put...
Standard & Poor's Ratings Services (S&P) has affirmed its 'BB' counterparty credit and financial strength ratings on Kuwait-based Wethaq Takaful Insurance Co. K.S.C. (Closed). The outlook is stable. S&P has revised its assessment of Wethaq's risk position to intermediate from moderate owing to the company's continuous reduction in investments in...
A.M. Best has affirmed financial strength rating (FSR) of B++ (Good) and the issuer credit rating of “bbb+” of Arab Insurance Group (B.S.C.) (Arig) (Bahrain). The outlook for both ratings remains positive. The ratings reflect Arig’s improving track record of operating performance during challenging market conditions, solid risk-adjusted capitalisation and diverse...
The committee to form Egypt's first national reinsurance company will encompass 12 insurance firms alongside three entities working in various sectors, sources told Amwal Al Ghad. The three other entities included in the committee are Misr Real Estate Assets, Arab Investment Bank, and Public Sector Workers Fund. The sources stated...
Dr. Mohamed Moait, deputy head of the Egyptian Financial Supervisory Authority (EFSA) has said that Kuwaiti investors who represent an insurance company have pledged to pump nearly KWD 20 million into the Egyptian economy by founding a new insurance company. The planned insurer will introduce new products as well as...
Shareholders of Qatar Insurance Co have approved plans to sell a USD250 million (AED918 million) convertible bond to state-owned fund the General Retirement and Social Insurance Authority, local media reported on Monday. The five-year note, which can be converted after three years into shares, will represent around five per cent...
Kuwait Insurance Company has announced KWD4.9 million in net profits for the first nine months of this year compared to KWD3.9 million in the same period of 2013. Shareholders' equity touched KWD 62 million in the nine months that elapsed in September 2014 against KWD52.5 million in the same period...
The quarterly report for the insurance sector released by the Capital Market Authority (CMA) has stated that the sector achieved 8.8 percent growth with OMR18.3 million in total value of insurance premiums during the first half of 2014 as compared to the same period of 2013. Despite the uneven growth...
Trust International Insurance and Reinsurance Company B.S.C. (c) (Trust Re), has announced an increase in its paid up capital, from USD140 million to USD170 million; this emanates from the doubling of its authorised capital to USD200 million in June 2013. The company's Risk Committee recommended the timing of capital payments...
A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Bahrain Kuwait Insurance Company B.S.C. (BKIC) (Bahrain). The outlook for both ratings is stable. BKIC has an excellent domestic franchise in Bahrain, where it ranks as the leading insurer by gross...
