ABNIC put on creditwatch negative

UAE insurer Al Buhaira National Insurance Company has been put on creditwatch negative by Standard & Poor’s. The ratings agency said the financial profile of the insurer “has weakened”, therefore it is placing the firm’s BBB rating on creditwatch negative.

Arig posts US$2.8m loss

Arig has recorded a US$2.8m loss for the first half of 2010 as a result of volatile global equity markets. In its half-year results, the reinsurer recorded a net loss for the first half of 2010, compared to a US$8.8m profit for the same period last year.

AM Best assigns Kuwait Re ratings

AM Best Co has assigned a stable financial and credit rating to Kuwait Reinsurance Company. The ratings agency has assigned a financial strength rating of A-(Excellent) and an issuer credit rating of a-, with a stable outlook.

Tawuniya reports strong Q2 results

Tawuniya has reported an 118.6 per cent increase in net income for Q2 this year compared to the previous quarter. Net income for Q2 this year reached US$61.6m, compared to US$28.2m in the first quarter. Year-on-year net income increased 82.3 per cent from US$33.8m in Q1 last year.

QGI&RC reports 22% increase in underwriting income

Qatar General Insurance & Reinsurance Company has reported 22.2 per cent growth in net underwriting income for the first half of 2010.

Middle East Insurance Company strengthens bancassurance ties

Government-owned Egyptian Arab Land Bank has signed an agreement to sell Middle East Insurance Company’ products to its customers. Products available include life cover and general accident insurance.

Standard furthers ties with Allianz

The deal comes after Allianze agreed to sell Standard’s SME business insurance products in Bahrain. The five-year deal will see Standard Chartered Bank promoting and selling Allianz Takaful life insurance products through their Bancassurance distributions channels.

New takaful law will drive innovation, says lawyer

A new law regulating the takaful insurance industry could drive innovation and enhance shair’a scholars’ understanding of the insurance market, Clyde & Co has claimed.
Last month, the UAE Insurance Authority issued a new law setting out a series of legislative measures for the takaful insurance industry.
Under the new law, takaful insurers must now have a [...]

DBAC’s Manoj Kumar leaves the insurer

oha Bank Assurance Company executive manager and head Manoj Kumar is leaving the insurer. Kumar who set up the firm three years ago, is moving to London.