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Insurance World

Abu Dhabi National Takaful Co. PSC (ADNTC), the leading takaful operator in the MENA region and one of the most progressive insurance companies in the UAE, kept the momentum of its strong Q1 2017 performance to achieve a combined net profit of AED 40.9 million (Policyholders & Shareholders before release of Qard Hasan) and an underwriting profit of AED 34.1 million in Q2 2017.

Rating agency AM Best has revised the outlooks from stable to positive and affirmed the financial strength rating of A- (Excellent) for International General Insurance Co. Ltd (IGI Bermuda) and International General Insurance Company (UK) Limited (IGI UK), the international specialist commercial insurer and reinsurer.

In light of its exceptional growth and outstanding performance throughout the past year, Seib Insurance and Reinsurance Company LLC (Seib) S&P Rating has revised its outlook of Seib to positive from stable and affirmed its BBB counterparty credit and insurer financial strength ratings and is also affirming its gcAA Gulf Cooperation Council regional scale rating, indicating the Company’s rapid progress and its strong capacity to meet financial commitments.

A.M. Best received the award for International Best Ratings Agency for Takaful at the International Takaful Awards 2017, held in conjunction with the 11th International Takaful Summit in London. This is the third consecutive year that A.M. Best has been awarded the International Best Ratings Agency for Takaful.

Dubai businesses could face penalties for failing to comply with the looming renewal deadline on mandatory health insurance, the financial planning firm Guardian Wealth Management (GWM) has warned.