News

Takaful International posts strong Q2

Takaful International has reported a 19 per cent increase in total written insurance contributions for Q2 this year.

ADNIC receives stable AM Best rating

AM Best has assigned a financial strength rating of A-excellent and an issuer credit rating of ‘a’ to Abu Dhabi National Insurance Company, with the outlook on both ratings stable.

AM Best removes OIC from ‘under review’

AM Best has removed Oman Insurance Company’s credit rating from under review with negative implications.

Al-Ain Ahlia sees H1 profit drop 45%

Al-Ain Ahlia Insurance Company has reported a net profit of AED26.5m for the first half of the year, a 45 per cent drop on the same period last year.

United Insurance Company reports 60% profit slide

United Insurance Company has posted an AED8m net profit for the first half of the year, down 60 per cent on the same period last year.

Al Khazna posts AED18.9m loss

Al Khazna Insurance Company has posted an AED18.9m loss for Q1 this year.

S&P removes ABNIC from creditwatch negative, but lowers rating

Standard & Poor’s has removed UAE insurer Al Buhaira National Insurance Company from creditwatch negative but downgraded the firm’s rating.

QIC to set up life and medical subsidiary

Qatar Insurance Company is setting up a new life and medical insurance subsidiary, according to press reports. The new venture is expected to open by the end of the year.

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.

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