Standard Life establishes Middle East presence
by Richard Kilner
Story link: Standard Life establishes Middle East presence
Standard Life has announced the opening of its first office in Dubai, UAE, which will be the firm’s first presence on the ground in the Middle East. The firm was given a licence by the Dubai Financial Services Authority (DFSA) to establish a branch inside the Dubai International Financial Centre (DIFC). The move follows that [...]
Firms urged to review political risk cover
by Gill Montia
Story link: Firms urged to review political risk cover
“Companies operating in politically volatile regions of the world may soon find they are unable to retain sufficient insurance coverage to protect their assets and staff.” The warning comes in a new report from Willis, which points out that insurers offering protection against political risk and terrorism are re-evaluating their terms and prices, meaning that [...]
Middle East “wakes up” to capital modelling
by Gill Montia
Story link: Middle East “wakes up” to capital modelling
Aon Benfield has licensed its flagship capital modelling tool, ReMetrica, to Q-Re, a leading Middle-Eastern reinsurer. The move should allow the firm to enhance its enterprise risk management framework by developing a sophisticated capital model, having initially used ReMetrica for its inwards reinsurance pricing and outwards reinsurance optimisation. Q-Re chief executive officer, Dermot Dick, says: [...]
Marsh partners Anglo Arab Insurance Brokers
by Gill Montia
Story link: Marsh partners Anglo Arab Insurance Brokers
Marsh has announced that it has signed a mutually exclusive agreement with Anglo Arab Insurance Brokers (AAIB). AAIB is the only international broker to be licensed and registered to operate in Iraq and has offices across the country. Under the terms of the agreement, the brokers will co-operate on insurance coverage, risk management and claims [...]
Munich Re expands in US Medicare market
by Gill Montia
Story link: Munich Re expands in US Medicare market
Munich Re is acquiring Windsor Health Group, Inc., in a move that will strengthen the German insurer’s position in the US Medicare market. Windsor operates government-sponsored health plans through its Windsor Health Plan subsidiary, providing specialty services in the senior segment to more than 75,000 members in Alabama, Arkansas, Mississippi, South Carolina and Tennessee. The [...]
Zurich expands in Middle East with Lebanese acquisition
by Gill Montia
Story link: Zurich expands in Middle East with Lebanese acquisition
Zurich has agreed to acquire 99.98% of Compagnie Libanaise D’Assurances SAL, a privately-owned Lebanese insurer with branch operations in the United Arab Emirates (UAE), Kuwait and Oman. Established in 1951 and headquartered in Beirut, the firm provides general insurance solutions to retail and commercial customers in the UAE, Kuwait, Oman and Lebanon, plus individual and [...]
Zurich appoints global regional CEOs
by Gill Montia
Story link: Zurich appoints global regional CEOs
Zurich has appointed four regional chief executive officers within Global Life, Europe, Asia Pacific & Middle East, North America and Latin America. David Sims, currently chief executive officer Global Life Emerging Markets, has been appointed to the newly created position of chief executive officer Global Life Europe, effective 1st August 2010. Based in Dublin, Mr. [...]
Marsh launches EMEA trade credit practice
by Gill Montia
Story link: Marsh launches EMEA trade credit practice
Marsh has launched a Trade Credit Practice for Europe, the Middle East and Africa (EMEA). The team is being led by Tim Smith, who was previously head of the broker’s UK trade credit practice. Mr Smith is being succeeded in this role by Iain Maitland, who moves from head of trade credit at the recently [...]
Chedid Re expands into Saudi Arabia
by Gill Montia
Story link: Chedid Re expands into Saudi Arabia
Chedid Re, has established a new subsidiary in Saudi Arabia in a move that will allow the reinsurance broker to capitalise on the country’s fast-growing insurance sector. According to the firm, the Riyadh-based unit will be seizing opportunities in one of the largest insurance markets in the Middle East, having already been licensed by the [...]
ACE Life appoints MENA MD
by Richard Kilner
Story link: ACE Life appoints MENA MD
ACE Life has announced the appointment of Abdallah D. “Budy” Kubursi as managing director of the firm’s Middle East & North Africa (MENA) businesses. Kubursi leaves behind AIG, where he served as regional VP of Middle East, Mediterranean & South Asia Region and global head of AIG Takaful Enaya, to join ACE. He will be [...]
Bahrain’s new $7bn city insured by Takaful
by David Masters
Story link: Bahrain’s new $7bn city insured by Takaful
The construction of a new $7 billion city to be erected on the coast of Bahrain is insured by Islamic insurance group Takaful International. Water Garden City, currently being built by Albilad Real Estate, is one of the largest construction projects in the Gulf Cooperation Council. It will be a residential city, 10 minutes drive [...]
Qatar aims to become insurance hub
by David Masters
Story link: Qatar aims to become insurance hub
Qatar Financial Centre Authority (QFCA) has set its sights high with the goal of making Qatar a regional hub for insurance and reinsurance activity. The group’s director-general, Stuart Pearce, said the country must develop strategic initiatives from locally-based assets if the goal is to be achieved. “Following the 500 meetings that QFCA official had held [...]
Saudi bank to launch insurance arm
by David Masters
Story link: Saudi bank to launch insurance arm
Saudi Arabia’s Riyad Bank yesterday announced plans to launch a new insurance business. The new company – named “The Global Company for Cooperative Insurance” – will be set up in conjunction with UK-based Royal & Sun Alliance, and will be partly floated on the Saudi stock exchange. It will be launched with 200 million Saudi [...]
Takaful market continues rapid growth
by David Masters
Story link: Takaful market continues rapid growth
A report by Standard & Poor’s Rating Service says that the Takaful sector is likely to continue its rapid growth and become a significant contributor in the global risk transfer market. Takaful is an insurance alternative used in many Islamic communities because Western models of insurance are forbidden under Islam’s Sharia law. Muslim markets – [...]
Arab Insurance reports falling profits
by David Masters
Story link: Arab Insurance reports falling profits
Arab Insurance Group (Arig) has seen its profits fall 60% in the first half of 2008. The company reported net profits of $11.4 million for the first half of this year, compared to net profits of $18.6 million in the first half of 2008. Although Arig’s core reinsurance business performed better on year during the [...]
Qatari insurer invests in Bahrain National Life
by David Masters
Story link: Qatari insurer invests in Bahrain National Life
Qatar-based Al Khaleej Insurance and Re-Insurance Company (KAIR) has announced the acquisition of a 25% stake in Bahrain National Life Assurance Company. The stake was purchased from Bahrain National Holding Company (BNH) for $5.8 million, and will allow the companies to work together on a joint venture. This is in line with BNH’s plans for [...]
Takaful market booming in GCC
by David Masters
Story link: Takaful market booming in GCC
A new Ernst & Young report has revealed that the Gulf Co-operative Countries (GCC) are at the heart of the worldwide Takaful market. In 2006 the GCC contributed US$1 billion towards the global Takaful market total of $2 billion. Takaful, an Islamic insurance concept based within Islamic banking law, is booming. According to Ernst & [...]
