The Saudi Arabian Monetary Authority (SAMA) has announced the issuance of its decision to prohibit the combination of insurance brokerage activities and reinsurance brokerage activities in one company. The decision comes in an effort to develop a business environment in support of insurance services, especially brokerage firms, and to enhance...
The World Bank has granted Morocco a loan of USD275 million to support the country’s disaster risk management, said the Moroccan economy and finance ministry. The loan was designed to help Morocco strengthen its capacity to manage financial impact of natural disasters and climate-related shocks. The agreement about was signed...
Global consultancy Roland Berger has signed an agreement with the Qatar General Insurance & Reinsurance Company (QGIRC) to enhance the group’s strategy and operations. Following a nod of approval given to the QGIRC’s strategic growth plans earlier this year – by its board of directors including chairman and managing director...
Arqaam Capital maintained a “Buy” recommendation on Saudi Reinsurance Company (Saudi Re), placing the sole national reinsurer amongst its preferred picks in the Saudi insurance sector. It has also revised the target price higher to SAR11 per share based on further improvement in margins and more sustainable investment yields. In a...
Integro Insurance Brokers Holdings Limited, the parent of UK-based firm Integro Insurance Brokers Limited which trades under the Tysers brand, has announced it has completed its acquisition of Risk Transfer Group (RTG) the privately-owned principal parent company of RFIB, a leading independent specialist Lloyd’s broker. Tysers and Integro recently merged...
Dubai International Financial Centre (DIFC) has signed individual memorandums of understanding (MoU) with two leading institutions to fuel the region’s insurance sector by upskilling talent, as well as promoting efficiency and improvement. MoUs were signed with Lloyd’s as well as UK-headquartered Chartered Insurance Institute (CII), with the aim of developing talent within...
Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB), has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holding LLC. The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval. According to...
The Capital Market Authority has finalised the legislative framework for takaful products and companies operating in the market. Sheikh Abdullah Salim Al Salmi, executive president of the CMA, said that the new phase of the insurance market was characterised by new takaful products featuring mature market, diversified products and wider...
Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB) has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holding LLC. The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval. According to...
Dubai International Financial Centre (DIFC) has signed individual memorandums of understanding (MoU) with two leading institutions to fuel the region’s insurance sector by upskilling talent, as well as promoting efficiency and improvement. MoUs were signed with Lloyd’s, an insurance and reinsurance marketplace, as well as UK headquartered Chartered Insurance Institute (CII), with...
