United Arab Emirates News

Chedid Capital Acquires 75% Share of UAE Broker Al Manara Insurance Services

Chedid Capital Holding, in collaboration with a group of investors in Dubai, has acquired 75 percent of Al Manara Insurance Services Co. Ltd., an insurance brokerage firm with more than 25 years of experience in the United Arab Emirates. This …

Dubai-Based Chedid Re Announces Registration as Lloyd’s Broker

Chedid Europe Reinsurance Brokerage Limited, headquartered in Dubai, UAE, has announced its registration as a Lloyd’s broker. Chedid Re, which is a subsidiary of the Lebanese group Chedid Capital Holding, said this business move comes as a natural extension of …

A.M. Best: New UAE Regulations Should Improve Risk Profile of Insurers

The Insurance Authority (IA) of the United Arab Emirates recently issued new financial regulations, which are well placed to improve the risk profile and policyholder security of UAE insurers, according to A.M. Best in a special report titled “A.M. Best …

Best Revises Outlook for Union Insurance in United Arab Emirates

A.M. Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance Company P.S.C. (Union) (United Arab Emirates). At the same time, A.M. Best has affirmed the financial strength rating (FSR) of B++ …

Ward Named to Head New ACE Eurasia & Africa Business Region

The ACE Group announced that it has established a new business region, Eurasia & Africa, as part of its Overseas General division – the general insurance operations of the company outside North America. Regional headquarters is to be based initially …

Reuters: Dubai Finance Centre to Allow Transactions in Chinese Yuan

The Dubai International Financial Centre (DIFC), the United Arab Emirates’ financial hub, expects to permit transactions in Chinese yuan from this year, industry sources told Reuters on Thursday. The change would represent an important step in China’s drive to encourage …

FACTBOX: 25 Ships and Crews Still Held by Somali Pirates

Somali pirates have released the Marida Marguerite, a German-operated chemical tanker after receiving a $5.5 million ransom, the Kenya-based East African Seafarers Assistance Program said on Tuesday. The tanker was seized in May and released on Monday. Here are details …

Ratings Roudup: PMG (Sony), Qatar General, Al Ittihad

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Bermuda-based PMG Assurance Ltd., both with stable outlooks. The ratings reflect PMG’s “excellent capitalization, historically strong operating performance and …

AXA Appoints Droesch as CEO – Gulf Region

The French-based AXA Group has appointed Jérôme Droesch as CEO for the Gulf region. He was previously Regional CEO for the South-West region of AXA France, and replaces Jean-Louis Laurent Josi, who has been named CEO of AXA Japan. Droesch, …

Zurich Completes Acquisition of Lebanese Insurer

Zurich Financial Services Group announced today that its subsidiary, Zurich Insurance Company Ltd, has completed the acquisition of 99.99 percent of Compagnie Libanaise D’Assurances SAL, a privately owned Lebanese insurer with branch operations in the United Arab Emirates, Kuwait and …