Willis Towers Watson has announced that it has entered into an initial, non-binding agreement to acquire Leaderim, an insurance broking and consultancy business in Israel. Leaderim is one of the leading insurance brokers in Israel and was established over 20 years ago. Its team of 45 professionals offers a broad range...
After the year 2020, which saw a total of 32 deals, M&A activity in the Middle East and Africa dropped back with only five completed transactions in the first half of this year, according to Clyde & Co’s Insurance Growth Report mid-year update. These all involved Middle East acquirors –...
The Department of Health – Abu Dhabi (DoH) has announced that the exemption of fines on customers, who have not enrolled in, or renewed their health insurance scheme, is valid until 23rd of October 2021. Dr. Jamal Mohammed Alkaabi, undersecretary of DoH, said, “The Department of Health – Abu Dhabi...
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) recently held a webinar titled “The Role of Credit and Political Risk Insurance in Resource Mobilization in the Post-COVID-19 Era.” Oussama Kaissi, CEO of ICIEC, in his opening remarks reminded about the ongoing economic impact of the pandemic...
Oman Re reported profit before tax of USD2.0 million for H1 2021, which is higher by 19 percent compared to USD 1.7 million during H1 2020. Gross Written Premium (GWP) also increased by 11 percent to reach OMR18.2 million (USD47.3 million) as of 30 June 2021 compared to OMR16.4 million (USD42.5 million) for the same period...
Dubai National Insurance & Reinsurance (DNIR) has partnered with Magnati, a fully owned subsidiary of First Abu Dhabi Bank (FAB), to support customers with a new easy payment gateway. The solution is offered in collaboration with payit, the first fully featured digital wallet in the UAE from FAB. The partnership...
Gallagher Global Broking has announced that it has acquired a majority stake in Brokers’ House, a specialty broker headquartered in Istanbul. Brokers’ House is a commercial insurance and facultative reinsurance broker offering a broad range of commercial and specialty lines including property, financial lines, energy, engineering, and marine cargo. Gallagher and Brokers’...
Data issued by the Capital Market Authority showed a considerable increase in the claims of traffic accidents at 24,900 claims increasing by 121 percent compared to the first quarter. Insurance indices in the unaudited statement for the second quarter of 2021 showed a total number of traffic accidents at 15,200 divided into...
Islamic Arab Insurance Company (SALAMA) has reported a net income of AED40.29 million for the first half of 2021 on the Dubai Financial Market. SALAMA maintained momentum in achieving its strategic objectives, with solid performance in improving core business profitability and investment income, which increased by 87.53 percent to AED31.91 million in the first...
Indian reinsurer GIC Re has decided to move its regional operations from Dubai to Gujarat International Finance Tec-City (GIFT City) in India. A communication sent out to business partners dated August 5, 2021, stated that the Dubai branch will no longer underwrite business (new or renewal) under its operations. “However,...
