A.M. Best has affirmed the financial strength rating (FSR) of B++ (Good) and the issuer credit rating (ICR) of “bbb” of Union Insurance Company. The outlook for the FSR remains stable, while the outlook for the ICR remains positive.
As per AM Best’s press release, the ratings reflect Union’s strong risk-adjusted capitalisation, improving technical performance and good business profile.
Union’s risk-adjusted capitalisation remained at a strong level during 2014, despite substantial underwriting growth driving an increase in net required capital for the year. A.M. Best anticipates Union’s prospective capital adequacy to remain commensurate with the current rating level, supported by strong internal capital generation.
Union’s technical performance improved during 2014, with a combined technical profit of AED 38.5 million, compared with AED 2.0 million in 2013. This improvement reflects continued remedial actions and a stronger underwriting discipline, imposed by the company’s new management team following their appointment in 2012. Despite a strong technical profit of approximately AED 35.0 million,unrealised losses from the company’s investment portfolio resulted in a deteriorated operating result for the first nine months of 2015.
Union’s market share within the United Arab Emirates has strengthened notably over the past three years, with the company achieving a top six position among UAE-listed insurers. The company has a diversified underwriting portfolio comprising life and non-life business. Union’s life segment, in particular, is experiencing rapid growth following the company obtaining a license to commence underwriting life business in January 2013.
About Union Insurance Company
Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company is regulated by the UAE Insurance Authority and has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and wider Middle East.
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