25 May 2015, MANAMA: Trust Re reported a consistently strong performance for the first quarter of the year with Gross Written Premium of US$ 204.5 million, representing a rise of 4.9% compared to twelve months ago.
The Company's profits rose year-on-year to US$ 8.7 million, up 10.1% from US$ 7.9 million achieved in Q1 2014. Net underwriting profit increased by 4.4% year on year to reach US$ 4.7m (Q1 2014: US$ 4.5m) driven by top line growth and a marginally improved combined ratio.
The net non-technical income contributed 3.2m (vs. 2.8m in Q1 2014).
Fadi AbuNahl, CEO, commented on the above performance as follows: "In spite of a continuously challenging reinsurance market place and low interest rates environment, Trust Re produced a solid set of results for Q1 2015 which demonstrates the resilience of its business model. We remain cautiously optimistic for the full year outcome".
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Trust Re is a reinsurance company based in the Kingdom of Bahrain, with branches in Malaysia and Cyprus, as well as a representative office in Morocco. With authorised, issued and paid up capital of US$ 200 million, Trust Re earned its recognition as a solid and reliable security through its long term professional commitment to the Insurance & Reinsurance Industry. It is classified as a highly reliable security (S&P: A- and A.M. Best: A-), and writes both life and non-life business on a Facultative & Treaty basis with a wide scope of geographical operation that includes: Africa, Asia, Russia, the Former Soviet Union (FSU) countries and the Middle East and North Africa (MENA) Region. Trust Re has a fully-owned subsidiary, Afro-Asian Assistance, which provides Travel Assistance and Personal Accident products.
© Press Release 2015
