News

Royal Shield gets DIFC licence

Royal Shield, a reinsurance broking firm in Dubai, has received a licence from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Center (DIFC).Royal Shield has access to the Lloyds and regional reinsurance markets, particularly in the Middle East and Africa.
Royal Shield SEO Ravi Naidu said there are tremendous opportunities for [...]

Insurance House IPO fully subscribed

The initial public offering (IPO) of Abu Dhabi’s Insurance House, which opened on February 27 and closed on March 9, received good response, according to fund mangers.
The Insurance House’s was the first public offering in more than two years. The IPO was to raise AED66 million which is 55 per cent of the company’s authorised [...]

UAE Insurance Authority to issue ruling to control investments

The UAE’s Insurance Authority has prepared a draft resolution that sets a maximum limit for funds invested by insurance firms operating in the country.
The new resolution also requires that these companies maintain minimum cash reserves proportional to their investments and capital. The authority has sent the draft resolution to local and foreign companies operating in [...]

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.

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