The spread of Islamic trade finance is boosting demand for sharia-compliant reinsurance in the Gulf, trade credit insurer Euler Hermes says, predicting the sector could eventually account for over a third of its business in the region.
UK-based XL Group's reinsurance segment has announced the establishment of new operations in Dubai to serve the Mena market and act as a regional hub for the business.
Further, XL Group has announced the appointments of Mohama
Bahrain-based Arab Insurance Group's (Arig) top management is eyeing a prudent approach this year as the reinsurance major expects a testing trading environment ahead.
Chairman Khalid Al Bustani told shareholders at the compan
New York's financial regulator has asked Lloyd's Banking Group and Swiss RE for details about dealings linked to Iran as part of a probe into 20 non-US reinsurance firms, the Wall Street Journal reported.
Citing a copy of
Japan headquartered Orix Corporation has acquired 25.7 per cent stake in Bahrain-based The Mediterranean and Gulf Insurance and Reinsurance Company (Medgulf), a report said.
The stake was acquired for $2.24 million, reported the G
Bahrain-based Trust International Insurance and Reinsurance Company (Trust Re) has increased its paid-up capital to $140 million and authorised capital to $200 million, a report said.
The move was announced during a Press conferen
The cost of reinsurance has spiralled across the region by some 400 per cent since the advent of the Arab Spring and that is having a major impact on the insurance industry.
That will be one of the key issues to be discussed at a
The shareholders of Arab Insurance Group (Arig), a leading insurance and reinsurance company based in Bahrain, yesterday voiced their concerns over the company's performance during their annual general meeting.
They were parti
India plans to set up a fund to back local insurers providing cover for refiners processing Iranian oil after companies warned they would be forced to halt imports from the sanctions-hit nation, the federal oil secretary said on Sunday.
Arab Insurance Group (Arig), a leading Bahrain insurance company, said it has swung to a net profit of $15.3 million for 2012 from a net loss of $19.1 million in 2011.
In a statement, the company said its reinsurance book and inve