Trust Re raises capital, eyes expansion
Manama, June 13, 2013
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 conference at the company's headquarters in the Diplomatic Area.
This will help Trust Re to develop new profitable growth opportunities, both regionally and internationally, officials were quoted as saying in the Gulf Daily News, our sister publication.
"The capital increase is in line with the strategic direction and risk appetite and will support future expansion plans," chief executive Fadi Abunahl said.
"This will allow us to continue growing profitably and provide optimum service to clients," he added. We have been growing at more than 10 per cent average over the last five years and expect to sustain that in the medium term," non-executive chairman Kamel Abunahl said.
"The company is one of the top five players in the region and will celebrate its 25th anniversary in the kingdom, next year. Our selection of Bahrain as the hub of our organisation is in view of three factors - firstly its location, between Africa and Asia, two continents where we conduct much of our business.
"Secondly, historically the kingdom has always been the financial hub for the Middle East, especially the Gulf.
“Finally, Bahrain has a well-developed local workforce," he added.
Deputy chief executive Romel Tabaja said Bahrain had supported initiatives as a whole and paved the way for the company to move closer to its vision of being the reinsurer of choice.
"The capital planning of the company over the next three years was carefully assessed along with our desire to always maintain excellent security for clients," Kamel Abunahl said.
"The risk committee recommended the timing of capital payments in line with internal capital model projections. During difficult times, when other reinsurers are having to recapitalise due to heavy losses, it is refreshing that we have the opportunity to use this fresh capital to develop new profitable growth opportunities," he added.
Trust Re has a near 200-strong workforce, 180 staff are in the Bahrain head office and the rest are spread across branch offices in Cyprus and Labuan, Malaysia. – TradeArabia News Service