PRESS RELEASE

A.M. Best Revises Issuer Credit Rating Outlook to Positive for Union Insurance Company P.S.C.


Dubai, UAE- November12, 2014 - A.M. Best Europe - Rating Services Limited has assigned a financial strength rating of B++ (Good) and issuer credit rating of 'bbb' to Union Insurance Company. The outlook assigned to both ratings is stable.

 

As per AM Best's press release, the ratings reflect Union's strong risk-adjusted capitalisation and developing business profile. The revised ICR outlook reflects the company's improving technical performance, following the appointment of new management in Q2 2012.

 

Union's technical operations returned to profit during 2013 and maintained solid results for the first nine months of 2014, generating pre-tax operating profits of AED 66.7 million and AED 43.8 million respectively. The improvement in its technical performance reflects remedial actions taken by the company's new management. The company has tightened its underwriting controls and risk selection process, with a focus on profitability over non-performing business segments.

 

The company's risk-adjusted capitalisation strengthened during 2013, reflecting a 28.3% rise in the company's capital and surplus to AED 329.4 million, which further increased to Dhs376.3 million as of 30 September 2014, following full retention of earnings. The growth in capital and surplus has been more than sufficient to offset increased underwriting, investment and credit risk during the period. Prospective risk-adjusted capitalisation is anticipated to remain commensurate with the current rating level, supported by strong internal capital generation.

 

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 Middle East region.

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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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