PRESS RELEASE

A.M. Best Affirms Ratings of Union Insurance Company P.S.C.


(Dubai, UAE- November 18, 2015) - 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.

For further information, please contact Riham Osama or Iman Mustafa at: +971 4 3787 777 or
email: riham.o@unioninsurance.ae or iman.m@unioninsurance.ae

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With offices across the UAE, Union Insurance is close at hand to serve clients. Whether signing up for a new policy or making a claim, you can reach us at any of the offices below. Also, be sure to check this page regularly, as we continue to open new offices.


Toll free number : 800 UIC4U(84248)
Enquiries : info@unioninsurance.ae
Comments : feedback@unioninsurance.ae
Regularly Working Hours : 8:30am to 05.00pm

OFFICES

Head Office

Single Business Tower, Sheikh Zayed Road
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 (04) 3787 777(764)
Fax: +971 (04) 3787 778

Abu Dhabi (Motor Claims)

Al Corniche tower Building, Abu Dhabi Corniche,
P.O Box 54524 Abu Dhabi, United Arab Emirates
Tel: +971 (02) 6906 555
Fax: +971 (02) 6906 556

Ajman (Motor Claims)

Ground & Mezzanine Floors, Ajman Building
Sheikh Khalifa bin Zayed Road
P.O Box 1225 Ajman, United Arab Emirates
Tel: +971 (06) 7014666
Fax: +971 (06) 7014668

Dubai (Motor Claims)

Al Ittihad Road, Al Mana Building,
Showroom no. 6,
P.O Box 35272 Dubai, United Arab Emirates
Tel: +971 (04) 3787 444
Fax: +971 (04) 3787445

JAFZA

Jebel Ali Free Zone Building 16 Office no. 15,
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 (04) 3787 477
Fax: +971 (04) 3787 478

JLT

Jumeirah Business Centre (JBC3) Cluster Y,
16th Floor, Jumeirah Lakes Towers
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 4 315 1700
Fax: +971 4 315 1701

Ras Al Khaimah (Motor Claims)

Al Nakheel- Al Naeem Building,
Office # 101 & 102
Etisalat Street
P.O BOX 12921 Ras Al Khaimah,
United Arab Emirates
Tel: +971 (07) 203 8181
Fax: +971 (07) 203 8182

Sharjah (Motor Claims)

Al Raha Tower, Showroom no. 2
P.O Box 97733 Sharjah, United Arab Emirates
Tel: +971 (06) 5939 888
Fax: +971 (06) 5939 889

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