Italy’s Generali eyes Islamic insurance venture
Italian insurance giant Generali is considering a possible joint venture with the Qatar Islamic Bank (QIB) in the high-growth sector of Islamic insurance, or Takaful, Generali said on Tuesday. Generali chief executive Sergio Balbinot said in a statement that the partnership could create “a leading player for Takaful business in the Gulf” with the potential to expand operations across Europe and Asia. The joint venture would combine Generali’s technical expertise in the insurance business, QIB’s market insight and regional... Lire la suite
Qatar is selling 379.2 million shares in Barclays (BARC.L), worth over 1.3 billion pounds, the second major Middle East investor set to make a big profit by selling down its stake this year. Qatar Holding, which will remain Barclays’ biggest shareholder, will exercise warrants for the same amount of shares. Barclays will receive 750 million pounds from the warrants, which have an exercise price of 197.775 pence. They were part of a controversial 5.8 billion pound fundraising by the bank last November. The shares are being sold by Credit Suisse... Lire la suite
Hardy Underwriting Bermuda Limited, the specialist Lloyd’s insurer and reinsurer, and Arab Insurance Group (B.S.C) (“Arig”) are pleased to announce the formation of Hardy Arig Insurance Management (W.L.L) (“HAIM”). HAIM is a joint venture company based in Bahrain and owned equally by Hardy and Arig. It will develop reinsurance business primarily from the Middle East and North Africa region on behalf of Hardy syndicate 382 and Arig. As a coverholder for syndicate 382 (Hardy’s managed syndicate at Lloyd’s),... Lire la suite
Standard & Poor’s Ratings Services said today that it revised its outlook to stable from negative on Hungary-based Generali-Providencia Biztosito Zrt (Generali Providencia). At the same time, the ‘BBB-’ long-term counterparty credit and insurer financial strength ratings were affirmed then withdrawn at the company’s request. Prior to the withdrawal, the ratings were significantly influenced by those on the Republic of Hungary (BBB-/Stable/A-3) because Generali Providencia’s investment portfolio is largely correlated... Lire la suite
Malakut Insurance Brokers LLC has obtained license for insurance and reinsurance broker activity in United Arab Emirates. Malakut Insurance Brokers branch in Dubai has obtained licence for insurance and reinsurance broker activity in United Arab Emirates (UAE). Licence No 628420 was issued by Department of Economic Development, Government of Dubai at 20th August 2009. Malakut Insurance Brokers LLC is the first licenced company in Emirates among Russian insurance business. The Company will be headed by Rinat Mustafin. New branch in UAE will be operating... Lire la suite
