Middle East

QIC falls to FY loss driven by discontinued intl ops

Qatar Insurance Company – parent company of Lloyd’s syndicate Antares and QIC Re – has posted a group net loss of QAR637mn ($174.95mn) in 2022 owing to unfavourable underwriting results in discontinued business in its international operations.

MGA Abu Dhabi Re handed full regulatory approval following underwriting launch

Andrew Sturdy’s Abu Dhabi Reinsurance Company Ltd has been handed Financial Services Permission by Abu Dhabi Global Market’s Financial Services Regulatory Authority.

Insurers win appeal to keep $40mn Covid BI dispute out of UK

The UK’s Court of Appeal handed victory to insurers this week in ruling that a $40mn pandemic-related business interruption claim brought by a Middle Eastern retail giant could not be heard in the UK unless its domestic courts would not hear the case.

Optio MENA reinsurance operation commences trading

Specialty MGA Optio Group has begun trading under its recently established Dubai-based operation, Optio Re MENA Ltd, following approval from UAE regulatory authorities.

Sturdy’s MGA Abu Dhabi Re commences underwriting

Andrew Sturdy’s reinsurance-focused MGA Abu Dhabi Reinsurance Company Ltd (ADRe) has commenced underwriting having secured “A” rated capacity providers.

Aircraft lessor lawsuits forecast to rise “significantly” as claims near $7bn

Legal cases launched by aircraft leasing firms against insurers over the loss of hundreds of planes stuck in Russia since Moscow’s invasion of Ukraine now exceed $6.7bn, analysis by The Insurer shows, but legal sources expect this figure to leap “significantly” as the number of claims continue to mount and the true value of current claims becomes clear.

Gallagher expands energy and power services to Middle East & Africa

Gallagher has launched its energy and power risk engineering services in the Middle East and Africa, with Jack Wishart appointed to lead the practice.

KPMG: Saudi insurers’ GWP up 27% in Q3 2022

Saudi insurance companies grew their aggregate gross written premiums (GWP) by 26.8 percent to SAR39.82bn ($10.58bn) in Q3 2022, according to KPMG’s Insurance Pulse for Saudi Arabia.

Dubai regulator DIFC grants Sukoon’s Syndicate 2880 an operating licence

The Dubai International Financial Centre, a financial hub for the Middle East, Africa, and South Asia (MEASA) region, has granted an operating licence to Sukoon’s Syndicate 2880.

WTW names Haddrill as regional head of broking for CEEMEA

WTW has named Tom Haddrill as its regional head of broking for Central and Eastern Europe, Middle East and Africa (CEEMEA), effective 20 February 2023.

QIC and Antares Re handed ratings downgrade by AM Best

AM Best has downgraded the credit ratings of Qatar Insurance Company (QIC) and its subsidiary Antares Re, in a move the rating agency says reflects the carrier’s “unprofitable and volatile” underwriting performance and business mix.

Generali offloads UAE life book in P&C push

Generali has sold off its United Arab Emirates (UAE) life insurance portfolio to Dubai-based insurance provider Sukoon, completing the sale first agreed in February this year.

Elseco executive Dermot Dick joins Oneglobal

JC Flowers-backed Oneglobal Broking has hired high-profile industry executive and Middle East specialist Dermot Dick as the expansive intermediary looks to bolster its newly established business unit in the region, The Insurer can reveal.

Intact’s RSA overhaul continues with sale of Middle East majority stake

Intact Financial Corporation’s strategic review into the recently acquired RSA Insurance Group has seen the formerly London-listed carrier sell its majority stake in RSA Middle East to National Life & General Insurance Company.

Gallagher launches new specialty and fac reinsurance business in Dubai

Arthur J Gallagher has opened a new specialty and facultative business in the Dubai International Financial Centre (DIFC), with the broker taking a 51 percent majority share in Ace Re, with MIG Holding retaining the remaining 49 percent.

AM Best upgrades outlook for GCC insurance market

AM Best has lifted its outlook for the insurance markets of the Gulf Cooperation Council (GCC) – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – from negative to stable, reflecting a recovery across the sector.

Gallagher looks to Aon for Miller to lead Middle East financial lines unit

Arthur J Gallagher has appointed Daniel Miller to lead its financial lines operations for clients in the Middle East.

MS Amlin confirms Gupta as SEO of Dubai branch of Lloyd’s arm

MS Amlin has confirmed Vipul Gupta as senior executive officer in Dubai for its Lloyd’s arm, MS Amlin Underwriting Limited.

Demand for SRCC cover up as Mena region sees civil unrest surge 45%

Companies are increasingly turning to specialist strikes, riots and civil commotion cover after civil unrest surged by 45 percent in the Middle East and North Africa over the last year, according to Chaucer.