Middle East

QIC’s life and medical unit seeks to raise $180mn through IPO

Qatar Insurance Company (QIC) has revealed plans to list its QLM Life and Medical Insurance Company on the local stock exchange and raise QAR659.4mn ($180mn) in an initial public offering.

LSM promotes Rafique to new downstream energy role in Dubai

Liberty Specialty Markets (LSM) has promoted Shazia Aslam Rafique to the newly created role of regional product line manager, downstream energy for London, Europe and Dubai.

Axa to sell Gulf insurance operations for $269mn

Axa has agreed to sell its insurance operations in the Gulf region to Gulf Insurance Group (GIG) for $269mn, the insurer said today.

UK signs reinsurance framework agreement with the UAE

The UK government’s export credit agency has signed a co-operation agreement with its counterpart in the United Arab Emirates (UAE) that includes a general framework for reinsurance underwriting between the two countries.

Sedgwick names Weston country manager in Kuwait

Carlyle Group-backed Sedgwick has appointed Simon Weston to the role of country manager in Kuwait.

Lebanese officials issue conflicting insured loss estimates for Beirut explosion

The Association of Insurance Companies of Lebanon (ACAL) has said insured losses for the Beirut port explosion stand at $1.5bn, down from the $7.5bn estimate president Elie Torbey had reportedly previously issued.

Beirut port explosion loss estimate climbs to $7.5bn: Lebanese insurance association

The Association of Insurance Companies in Lebanon (ACAL) has issued an updated insured loss estimate for the Beirut port explosion of $7.5bn.

Beirut port claims total $425mn so far: Lebanese govt

Insured losses emanating from the massive explosion at the Port of Beirut have so far reached $425mn, according to the Lebanese minister of economy and trade.

Arig shareholders approve run-off plans

Shareholders in Middle Eastern (re)insurer Arig have approved the run-off of its regional reinsurance portfolio, according to regulatory filings lodged by the company with the Bahrain Bourse.

Mobility insurtech Bambi finalises $6mn Series A with MS&D and Phoenix backing

Israeli insurtech Bambi Dynamic has completed a $6mn Series A funding round, with investment from MS&AD Ventures and Phoenix Insurance Company.

IGI seeing “abundance” of E&S submissions, reveals limited Beirut port exposure

International General Insurance Holdings (IGI) has seen “an abundance of submissions and inquiries” in its newly launched excess and surplus (E&S) lines business since opening at 1 April, with the platform having written some $12.5mn of premium to date.

Beirut explosion hull, cargo and port insured losses “within $250mn”: Guy Carp

Total combined hull, cargo and port facility insurance losses from the explosion in the Port of Beirut on Tuesday “should be within $250mn”, according to early analysis from Guy Carpenter.

Beirut explosion to trigger BI, hospitality, transportation and supply chain losses

Business interruption, hospitality, transportation, and supply chain losses are among the broad range of claims expected to emerge from Tuesday’s Beirut port explosion, according to Andrew Bart, global president of Crawford Global Technical Services.

Beirut governor: economic losses up to $15bn

Beirut’s governor, Marwan Abboud, has said economic losses following the devastating blast in Lebanon’s capital city may reach as high as $10bn-$15bn.

Beirut: Low to mid multi-billion loss likely but information scarce amidst chaos

Despite the chaos and information void regarding the scale of damage and causation factors from the devastating 4 August Beirut Port explosion, early indications are that industry losses could be in the region of $4bn-6bn with distribution affecting global reinsurers and specialty lines including marine and cargo.

Ed adds RFIB’s Ulhaq to build Mena property fac team

Ed has strengthened its international property facultative reinsurance team with the addition of Assad Ulhaq as senior broker and producer.

QIC records H1 loss of $54.4m as Covid-19 hits international units

Qatar Insurance Company (QIC) reported a consolidated net loss of $54.4mn during the first half of 2020 driven by the impact of Covid-19 across its operating units.

IGI’s A- affirmed by S&P in wake of Nasdaq listing

S&P Global Ratings has affirmed its ‘A-’ rating for International General Insurance Holdings (IGI) and assigned the carrier a stable outlook following its merger with Tiberius Acquisition Corp. and subsequent listing as a publicly traded company.

Trust Re exits fac aviation and liability lines; shutters Labuan and Morocco hubs

Bahraini reinsurer Trust Re will cease underwriting from its Labuan and Morocco branch offices and exit both facultative aviation and liability lines of business.

GCC insurers’ outlook cut to negative by AM Best

Gulf Cooperation Council (GCC) insurance markets have had their outlook revised to negative by AM Best, with the ratings agency citing the economic downturn impacting the region and an expected reduction in the demand for coverage as two of the reasons behind its decision.

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