PRESS RELEASE

Union Insurance Reports a 60% Increase in Nine-Month Profit


Dubai, UAE- 28 October 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 Insurance's solid risk-adjusted capitalisation and incorporate the strength of its new senior management team, who joined the company in the third quarter of 2012. With a wealth of experience in the Middle East insurance markets and an impressive track-record spanning over 15 years with one of the leading domestic insurers, the management team has made considerable progress in restructuring Union Insurance's operations; establishing tighter controls, guidelines and reporting across business units, stricter underwriting to improve profitability, an overhaul of claims reserving and enhanced enterprise risk management.

 

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.

 

Although Union Insurance didn't have an impressive track-record prior to the change in leadership, the measures taken by the new management have resulted in significantly improved underwriting performance, a move towards a balanced business profile and reduced concentration in real estate assets during the first 9 months of 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 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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