The Insurance Authority (IA) has revoked the licences of two insurance brokers and suspended one for violating regulations. The decision was announced in three circulars issued recently. Two circulars announced the cancellation of the licences of Professional Practice Insurance Brokers and Agisco Insurance Brokers. The third circular announced that Al...
The National Health Insurance Company (Daman) has announced the opening of its first branch in Sharjah. “With the demand for quality, value-based health insurance plans remaining high throughout the UAE, the opening of our first branch in Sharjah is an important step forward in our expansion plans across the nation,”...
Oman Insurance Company (P.S.C.) (OIC) reported a gross written premium of AED2.9 billion for the financial year 2013, which is up 19.5 percent over 2012. The net profitability remains strong at AED246 million and the total assets of the company exceeded AED5 billion, which highlights the financial stability of OIC....
Ras Al Khaimah National Insurance (RAK Insurance) achieved a gross underwriting profit in 2013 of AED50,875,576, up 8.9 per cent. The insurer reported net profits of AED34 million, up 21.43 per cent. Gross written premium rose by 19.14 per cent to AED250.6 million. Profits from investments reached AED7.6 million, compared...
Q-Re has announced that it expects to write approximately USD269 million of property, casualty and speciality lines premiums from the January 1 renewals. On a constant foreign exchange basis, this volume represents an increase of 43 percent from the 2013 expiring renewable base of business. For the full year 2014...
Qatar Insurance Company SAQ (QIC) is pleased to announce that it has reached agreement to acquire the entire share capital of Antares Holdings Limited. Antares is a leading specialist insurer and reinsurer operating in the Lloyd’s market. The acquisition of Antares will provide QIC with access to Lloyd’s through Syndicate...
Qatar National Bank (QNB) has introduced two new bancassurance products titled CritiCare and Insta Protect Plus. These are being introduced in conjunction with MetLife Alico and will provide Insurance solutions for a number of banking customers. Criticare will provide customers with an instant lump sum to help them pay for...
Arig Group delivered consolidated net profits of USD18.6 million on its 2013 financial year. Arig, including its corporate member at Lloyd's, contributed USD23 million to profits whereas its subsidiary, Takaful Re, turned in a loss of USD4.4 million. Reinsurance operations produced underwriting returns of USD13.4 million for 2013, with Arig...
AXA Gulf, in association with AXA Assistance has launched in the region, Sure Health, a health offer that gives to the customers the option to go for a second medical opinion for severe health or medical conditions. AXA Sure Health is a program, which will offer a second medical opinion...
Green Crescent Insurance Company recently called for a meeting to resolve to expand its capital base by forging a long-term alliance with AXA Group and its UAE partner, the Kanoo Group. By agreeing to this alliance, AXA Group and the Kanoo Group in turn would be the primary investors in...
