Singapore-headquartered ACR Capital Holdings, owner of Asia Capital Re, has completed the purchase of stakes in two businesses for undisclosed sums.
Trust Re announced today an increase in its paid up capital, from US$ 100m to US$ 140m, and an increase in its authorised capital to US$200m.
A failure to aggressively market itself has hindered Bahrain’s growth as a global insurance sector, according to Kamal bin Ahmed Mohammed, head of the country’s economic development board.
Bahrain’s insurance regulator hopes new regulations will make Bahrain the jurisdiction of choice for takaful and retakaful globally.
Last week I undertook the first leg of my eating tour of the Middle East, or as I sold it to my employers, “covering the Middle East Insurance Forum in Bahrain”.
The Central Bank of Bahrain has announced that the local insurance market posted growth during the third quarter of 2012, with gross premiums increasing by 9% over the same period of 2011 to register BD184.11m (£307.85m) by the end of September 2012.
RSA has been granted permission to operate in the Dubai International Financial Centre, starting on 18 November.
Arig has announced a net profit of $10.3m nine months into 2012.
The outlook for reinsurance markets in the Gulf region remains positive, according to the third Gulf Cooperation Council Reinsurance Barometer published today.
Bahrain Kuwait Insurance Company has posted net profit of BD1.5m ($3.9m) for the quarter ended 30 June 2012 (2011: BD 2.6m).
Talanx subsidiary HDI-Gerling Industrie Versicherung AG is opening a branch in Bahrain.
Chartis, the property and casualty arm of American International Group, has increased its commercial property per-risk capacity to $1.5bn on a worldwide basis.
Having recently relocated from Qatar back to Dubai I had the unenviable task of sorting through the various insurance and risk related books and papers I accumulated over the years.
The top five Asian stories from www.insuranceinsight.com over the past seven days.
Insurers and reinsurers in the Middle East and North Africa region have shown resilience in the past year and continue to maintain secure ratings.
Axa Gulf has opened a retail shop at the Nakheel Centre in Saar as part of an expansion strategy aimed at increasing its geographical footprint in Bahrain and the Gulf.
Standard & Poor's has put Bahrain, Egypt, Jordan, Oman, and Tunisia on negative outlook, indicating a one-in-three chance it will lower their soverign ratings.
Azerbaijan-based Amrahbank is to establish the country's first Islamic insurer in conjunction with the Islamic Corporation for the Development of the Private Sector, according to local media reports.
Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, outlined plans for a sweeping review of its guidelines in an interview with Reuters.
The number of Islamic financial institutions employing dedicated risk managers has increased greatly since 2007, according to Deloitte Middle East's first Islamic Finance Risk Intelligence report.
General insurer Zurich has agreed a 10-year distribution deal with HSBC Middle East.
Bahrain is leading the way for the Middle East with bancassurance, according to the Bahrain Insurance Association.
The United Arab Emirates insurance industry went from denial of the financial crisis in 2008 to a rude awakening.
Independent broker Nexus is trying to recruit young Bahrainis, to encourage greater insurance participation in the region.