Insurance News ME

World's largest Islamic reinsurance company set up in Dubai

Dubai Group, the financial services unit of the government-owned investment company Dubai Holding, has launched the world's largest Islamic reinsurance company with a paid-up capital of one billion dirhams (272.48 million U.S. dollars), local newspaper Gulf News reported on Sunday.

Gulf Re targets high-value energy projects

Gulf Re, a newly formed joint venture between the Bermuda-based Arch Capital Group and Gulf Investment Corporation (GIC), is set to offer dedicated reinsurance services for GCC mega projects in oil, gas, power and water desalination.

Islamic reinsurance to grow double digits: Munich Re

KUALA LUMPUR: Global Islamic reinsurance premiums will keep growing at double digit rates in the coming years, driven by booming demand for ethical investments, Munich Re says.

Munich Re to Set up Brazilian Subsidiary

Munich Re announced that, following the opening of the Brazilian reinsurance market, it plans to establish a subsidiary in São Paulo.

Dubai Group Buys 51% Stake In Kuwaiti Al Fajer Retakaful Insurance Company

Sunday, Dubai Group, the diversified financial company of Dubai Holding, announced that it acquired a 51% controlling stake in Al Fajer Retakaful Insurance Company KSCC, the largest global retakaful company in terms of paid up capital of US$178.5 million.

Marsh Opens China Advisory Unit

Marsh's London office reports that the insurance broker has launched a London-based division of its China Global Client Services practice.

New reinsurance rules will benefit Brazilian insurance industry - Fitch

Fitch Ratings said the main changes introduced by Resolutions of Brazil's National Private Insurance Board regarding the reinsurance and retrocession should benefit the insurance industry as the new framework presents some restrictions.

Munich Re to launch new U.S. business strategy

Munich Re is launching a new business strategy in the United States, the world's second-biggest reinsurer said on Thursday.

Overseas reinsurance to blame for slow growth in local sector

Large amounts of money that leave Tanzania to pay underwriting services abroad are to blame for the poor showing of the insurance sector which has a retention ratio of only 20 per cent.

Finance Minister Zakia Meghji said the industry has to increase the investment in the sector, in order to provide appropriate risk underwriting capacity to curb capital flight from Tanzania.

'India's insurance market still heavily regulated'

Munich Reinsurance, which set up a representative office in India in 2000, is looking forward to setting up a branch office here, but feels government restrictions remain a hindrance.

The company currently controls 3 per cent of the reinsurance market in India though it has a share of 14 per cent in the global arena.