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.

Munich Re receives DIFC license

Munich Re Underwriting Agents has received its license to operate in the Dubai International Financial Centre.
The DIFC office will serve as the Munich Re subsidiary’s regional reinsurance hub to serve the Middle East and Africa regions.
It will primarily focus on the health reinsurance sector and will operate under two broker arrangements for Munich Re in Munich [...]

EXCLUSIVE: RGA Confirms Entry Into Middle East Market

Scott Rastin, RGA vice president for new market development, said the reinsurer is currently in the process of recruiting staff to head up its Middle East operation, and it plans to open an office in Dubai this year.

Chedid Re To Launch In Saudi

Chedid Re is launching operations in Riyadh to capitalise on Saudi Arabia’s rapidly growing insurance industry, the company announced on Tuesday. The company said it had secured a licence from the Saudi Arabian Monetary Agency (SAMA) to provide reinsurance brokerage services across the Kingdom. Saudi Arabia has one of the largest insurance markets in the Middle East, with the country’s population expected to reach 45 million by 2020.

Reinsurance Round-up

The Middle East and North African markets experienced a softening in prices during the renewals season. The UIB Group provides a review of conditions and highlights from 2009.

Making His Mark

Fareed Lutfi of the Emirates Insurance Association and the GCC Commission for Insurance and Reinsurance Companies.

Arig Back In Profit After Tough 2008

Arab Insurance Group (Arig) has completed a major financial turnaround by posting US$21.9 million profits in 2009 following a turbulent performance the previous year. In 2008, the reinsurance provider announced a $28.6 million loss at the height of the economic downturn. But the company has bounced back in line with a general recovery across global financial markets.

New Reinsurance Format For Gulf Insurance

Gulf Insurance Group has established a new reinsurance structure, aligning six of its companies based across the Middle East. The job involved combining Gulf Insurance Company of Kuwait, Bahrain Kuwait Insurance Company of Bahrain, Arab Orient Insurance Company of Jordan, and Arab Misr Insurance Group of Egypt into a single structure. Syrian Kuwaiti Insurance Company of Syria and Fajr Al Gulf Insurance Company of Lebanon, which like the other four businesses were acquired by Gulf Insurance Group, have also been integrated into the new system.

Searching For A Hard Market

With the exception of US catastrophe lines, reinsurance rate hardening remains a mirage, particularly in the Middle East. Helen Yates asks what this means for the market going forward.