Aetna announced that it has agreed to acquire UK-based InterGlobal from a group led by its majority shareholder Alchemy Partners. InterGlobal has more than 65,000 medical members worldwide, and specialises in international private medical insurance for groups and individuals in the Middle East, Asia, Africa and Europe. “The addition of...
Kuwait’s property/ casualty (P/C) market is expected to record a growth rate of five percent, according to Standard & Poor’s Rating Services (S&P). The industry and country risk for the sector has been assessed as intermediate, said S&P, adding: “Our assessment reflects the risks typically faced by P/C insurers operating...
Rating agency A.M. Best has affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of Jordan Insurance Company Plc. (JIC) . The outlook for both ratings remains stable. The ratings reflect JIC’s solid business position in Jordan, robust operating performance and adequate level of risk-adjusted...
Arig has reported a 40 percent increase in net profit to USD12.6 million for the first nine months of the year, on the back of positive returns from its reinsurance activities and investments. After consideration of its subsidiary, Takaful Re, Arig said the group’s underwriting result of USD6 million for...
A.M. Best has affirmed the financial strength rating of A (Excellent) and issuer credit ratings of “a” of Qatar Insurance Company S.A.Q. (QIC) and its main subsidiaries: QIC International LLC (QICI) and Q-Re LLC (Q-Re). The outlook for all ratings remains stable. All companies are based in Qatar. QIC has...
Euler Hermes published financial results for the third quarter, highlighting positive results achieved in the UAE and Saudi Arabian markets. “Euler Hermes has again demonstrated its ability to grow business in a difficult economic environment and despite some strong foreign exchange headwinds,” said Wilfried Verstraete, chairman of the Euler Hermes...
The Qatar Financial Centre (QFC) Regulatory Authority has issued new prudential rules for insurance firms operating within the QFC premises, following public discussions with these companies. “The amendments to the QFC Insurance Business Rules align the prudential framework in the QFC with recent developments in international best practice, and position...
Orient Insurance has reported a 14 percent year-on-year growth in profit to AED211.6 million and an eight percent increase in revenues to AED1.2 billion for the nine months ended recently. Unaudited results filed with the Dubai Financial Market showed that net underwriting income rose six percent year-on-year to AED120.9 million,...
The bill to establish an independent insurance regulatory commission in Morocco is expected for approval by the parliament in its coming session soon, said Idriss Azami Al Idrissi, Moroccan minister-delegate for the Budget, Ministry of Economy and Finance, according to a press release. He also called on the region’s operators...
UAE insurers have registered satisfactory growth in premiums and investments in the past few years, indicating that the sector has fully overcome the challenges of the international financial crisis, said Sultan Bin Saeed Al Mansouri, minister of economy and chairman of the UAE Insurance Authority (IA), at an event held...
