A.M. Best Europe – Rating Services Limited has assigned the financial strength rating of ‘B++’ (Good) and issuer credit rating of “bbb” to Saudi Arabia’s Saudi United Cooperative Insurance Company (Wala’a), both with stable outlooks. The ratings reflect the company’s …
British health authorities have alerted the U.N. of a new respiratory virus that resembles SARS in a severely ill patient who recently traveled to Saudi Arabia, where another man died of a similar illness earlier this year. The man in …
The insurance market in Saudi Arabia has changed dramatically in the past decade, with further development anticipated, according to a report from A.M. Best Co. According to the report, “Saudi Arabia’s Insurance Market Adapts to Dramatic Change,” insurance penetration in …
Lloyd’s London’s Syndicate 3500 filed a notice on Monday, Sept. 19, to voluntarily dismiss its federal lawsuit against Saudi Arabia over 9/11 claims. The lawsuit, first filed on Sept. 8, had asserted that Saudi Arabia as well as several Saudi …
Lloyd’s of London’s Syndicate 3500 filed a federal lawsuit against Saudi Arabia, several Saudi charity and financial organizations and prominent Saudi individuals over 9/11 terror attacks. The insurer said Saudi defendants bear primary responsibility for the attacks and should be …
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, …
“2011 will be another challenging year,” said Roger Sellek, the CEO of A.M. Best Europe – Rating Services Limited, at the rating agency’s annual review of the state of Europe’s insurance industry. Speaking to an attentive audience at the Grange …
International insurers seeking a bigger share of the potentially lucrative Gulf market need to adapt quickly to regulatory changes and tap into growth areas like Islamic finance or risk being muscled out of consolidation. With a penetration rate of around …
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Tunisia’s BEST RE, both with stable outlooks.The ratings of BEST RE reflect its “significant importance to its …
Insurance rates in the power sector are expected to soften further in 2010, despite the existence of many of the conditions that would normally presage a hardening market, according to the latest Power Market Review from Willis Limited. Foremost among …
