Insurance Post

Arig hit by UK office's losses.

Arab Insurance Group (Arig) clocked up a $41.6m reinsurance underwriting loss in the nine months to ...

Arab Insurance Group (Arig) clocked up a $41.6m reinsurance
underwriting loss in the nine months to the end of September 1999.


Over half of the loss came from the group's UK reinsurance subsidiary,
which has since stopped writing the marine and aviation business that
caused the losses.


Major events in the first nine months produced $51.1m of losses for Arig's
core reinsurance business. That was nearly double the $26.5m major loss
figure for the same period in 1998.


Arig Re had made a $21.6m loss at the end of the third quarter of 1999
compared with a $17m profit in the same period in 1998.


The loss had totalled only $1.8m at the end of the first half of 1999.


Earned reinsurance premiums fell by 22% year-on-year. Arig largely blamed
the fall on the increase in the cost of outward reinsurance premiums from
$36.2m to $53.3m.
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