Middle East News

Zurich Insurance Plans to Exit P&C Business in Middle East After Strategic Review

Zurich Insurance Group Plc said it will stop writing general insurance business in the Middle East at the end of month because of the “limited potential” for profitable growth. The decision to exit general insurance in the region follows a …

A.M. Best: Middle Eastern Insurance Market Primed for M&As, Stakebuilding

Merger and acquisition (M&A) activity and stakebuilding is gaining momentum in the Middle East as financially strong and profitable insurers seek to deploy surplus capital to broaden their profiles and satisfy shareholders’ expectations, according to a briefing issued by A.M. …

A.M. Best: Takaful Operators Struggle With Fierce Competition, Profitability

The significant premium growth in the global takaful sector is expected to continue and reach USD$20 billion by 2017, with the majority of that increase originating from Malaysia and Saudi Arabia, according to a new A.M. Best special report. The …

Lloyd’s Opens Specialist Underwriting Platform in Dubai

Lloyd’s has opened a new specialist underwriting platform in Dubai to provide tailored risk solutions across the Middle East. This brings the number of Lloyd’s businesses trading in the Dubai International Financial Centre to nine – Amlin, Argo Re, Beazley, …

U.K.’s RSA Considers Sale of Middle East Business

RSA Insurance Group plc is considering the sale of its Middle Eastern business as the U.K. insurer seeks to raise capital, people with knowledge of the matter said. RSA, whose operations span Europe, Asia, Latin America and Canada, is working …

A.M. Best: Rated Middle Eastern Insurers Well-Capitalized; Reliant on Reinsurance

Insurers in the Middle East have strong levels of risk-adjusted capital, although they continue to rely heavily on reinsurance protection and carry elevated levels of investment risk. A new report from A.M. Best states that insurance markets in the Middle …

Zurich Names Hartigan as CEO Global Life for Pacific, Middle East

Zurich has announced the appointment of Mark Hartigan (49, British citizen), currently Head of Strategic Business Development Global Life, to the position of CEO Global Life Asia Pacific & Middle East, effective December 31, 2012. He succeeds Dan Bardin who …

Willis Sees Threats on Horizon for Booming Latin American Energy Industry

“The booming Latin American energy industry is not insulated from the threat of a euro zone collapse or hostilities in the Middle East,” warned global insurance broker Willis. Speaking to a gathering of energy companies in Foz Do Iguacu, Brazil, …

Ratings Recap: Oman Insurance, Abu Dhabi National, NLGIC, MEICO

A.M. Best Europe – Rating Services Limited has revised the outlook to stable from negative and affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit rating of “a” of United Arab Emirates-based Oman Insurance Company P.S.C. The …

Willis Creates New Units for Asia, Australasia, Middle East & Africa Operations

Willis International, the broker’s’ retail division, announced that in “recognition of the size, growth and strategic importance of its Asia Pacific, Middle East and Africa operations, it has created three regional business units under new and expanded leadership.” Willis Asia …