Nexus Insurance Brokers warned the residents of the United Arab Emirates that continuing to “live for the moment” may lead to an uncertain financial future. The trend for spending without forethought was vividly detailed in the recently published 2011 National Bonds Saving Index, which found that 87 percent of the...
Standard Life today announced the launch of its office at the Dubai International Financial Centre (DIFC), which will offer products to the UAE based financial intermediaries. The company has been granted a licence by the Dubai Financial Services Authority (DFSA) to establish a branch of ‘Standard Life International Limited’...
A.M. Best has assigned a financial strength rating of A (Excellent) and issuer credit ratings of “a” to Qatar Insurance Co SAQ (QIC) and its main subsidiaries: QIC International LLC (QICI) and Q-Re LLC (Q-Re). The outlook for all ratings is stable. All companies are domiciled in Qatar. The ratings...
The German Jordanian University (GJU) signed a Memorandum of Understanding (MoU) with Jordan Insurance Federation (JOIF) aiming at enhancing mutual relations among both parties in the field of insurance on 25 November 2012. The MoU was signed by the University President Prof. Labib Khadra and JOIF chairman Mr. Othman M....
The UAE is drafting changes to the current Federal Law No. 8 of 1984, known as the ‘Commercial Companies Law’, ranging from altering restrictions on foreign ownership to expanding the scope of the UAE Free Zone. The intention of the draft is to make the UAE an easier place to...
Saudi Re conducted a seminar in Riyadh on Saudi P&C market trends and developments. The seminar was attended by a number of executives from the insurance industry. It provided the industry professionals with an update of the key trends in the insurance and the reinsurance market in Saudi Arabia. Trend...
According to Reuters, the board of Qatar Insurance has approved the sale of shares worth QAR 488.6 million (USD 134.2 million) to state fund Qatar Holding. The fund purchased 7.76 million shares at 63 riyals each, raising its capital to 969.4 million riyals. The capital hike still requires the...
AXA Cooperative Insurance Company has recorded a 1.7 percent increase in gross written premiums for the third quarter to SAR 125 million while net written premiums decreased 3 percent to SAR 96 million. The company recorded a net loss of SAR1.8 million (USD 480,000) before Zakat and tax compared...
Under the patronage of H.E. Eng. Saleh Bin Rashid Al Dhahiry, Chairman of Emirates Insurance Association and Chairman of the Executive Council Gulf Insurance Federation, RGA hosted its first Middle East Annual CEO Dinner meeting at the Burj Al Arab on the 15th of October, commemorating the first anniversary of...
According to A. M. Best, the insurance, reinsurance, Takaful and cooperative markets within the Middle East and North Africa (MENA) continue to offer opportunity for growth, although the global slowdown of financial markets and political instability in the region threaten to dampen prospects for some companies. Whilst the MENA insurance...
