News
Arig posts US$2.8m loss
| July 22, 2010 by Tracey Scott
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.
Gross written premium for the first six months of the year increased 8.6 per cent to reach US$177.1m, up on last year’s half-year figure of US$163m. Investment income dropped from US$15.4m in the first half of 2009 to US$5.5m for the same period this year.
A statement from the firm said returns from reinsurance, Arig’s core business, remain positive with non-life combined ratio of 97.3 per cent. The statement said: “Impacted by the volatile global equity markets, Arig recorded US$ 2.8m loss for the first half of 2010.”
