DUBAI, UAE: Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, Dubai National Insurance & Reinsurance PSC issued a statement to commend DNIR on reaching a new milestone as global rating agency A.M. Best upgrades the company’s outlooks from “Stable” to “Positive” and affirms the Financial Strength Rating of “B++ (Good)” and the Long-Term User Credit Rating of “bbb+”.
The main highlights from A.M. Best’s positive outlooks can be credited to DNIR’s strong balance sheet, robust Risk Adjusted Capitalization supported by good internal capital generation and controlled underwriting growth, prudent approach to Risk Selection, focus on profitability over top-line growth, strong operating performance, first-rate track record of profitability, excellent Five Year Weighted Average Combined Ratio of 86% and improvement in ERM framework.
A.M. Best stated that DNIR have maintained consistent underwriting performance despite the prevailing market conditions in the United Arab Emirates.
Khalaf Ahmad Al Habtoor said, “A.M. Best’s positive outlooks rating consolidates confidence shown in our services by our valued customers and other stakeholders.”
“Within the UAE Insurance market, DNIR has demonstrated a solid track record of excellent profitability and continuous generation of strong operating results, which is well recognized by A.M. Best in this upgrade. 2017 was a milestone year for DNIR, wherein the company achieved its highest ever gross written premiums and net underwriting income,” added Al Habtoor.
Ramez Abou Zaid, General Manager, DNIR commented, “We are very pleased to receive this “Positive” outlooks upgrade from the independent and globally acclaimed rating agency A.M. Best. This revised assessment further reinforces our strong financial position and our inherent ability to meet commitments.”
About Dubai National Insurance & Reinsurance
Dubai National Insurance & Reinsurance (DNIR), is a publicly listed company on the Dubai Financial Market (DFM). DNIR offers a wide range of unique general, life and health insurance options to suit the insurance requirements of every business and individuals. DNIR is among the pioneers of the United Arab Emirates Insurance Industry and was established in 1991 with a corporate objective to achieve maximum sustainable growth that will produce consistent profitability based on a mixed, yet balanced portfolio of risks coupled with excellent reinsurance security. This fundamental philosophy has steered the growth of DNIR in the subsequent years, thereby gaining an excellent reputation for service and integrity.
© Press Release 2018