TRUST Re, Q1 2017: GWP up 32.6%, to USD 230.8 million
Net Underwriting Profit declined year on year at US$ 2.4 million whilst Net non-technical income grew 33.3% to reach US$ 6.8 million (Q1 2016: US$ 5.1 million) at 31 March 2017.
The Company reported a 2.5 percentage point increase in the combined ratio to 96.5%.
Commenting on the first quarter results for 2017, Group Chief Executive Officer & Director, Fadi AbuNahl, said "Despite being challenged by rate pressures and market conditions, our solid performance for the first quarter of this year clearly demonstrates the resilience of our business model. We remain committed to being an effective solutions provider to our business partners in all our areas of operation".
About TRUST Re
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 and a Liaison Office in India. With authorised capital of US$ 500 million and issued and paid up capital of US$ 250 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, CIS 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.