TRUST Re announces increase in authorised, issued and paid-up capital
TRUST Re has announced an increase in its authorised capital from USD 200 million to USD 500 million and an increase in its issued and paid-up capital from USD 200 million to USD 250 million.
The increase was planned to support the Company's growth ambitions over the next business planning horizon.
Commenting on this latest development, Group CEO of TRUST Re, Mr. Fadi AbuNahl remarked: "Consistent with the Company's strategic planning and risk tolerance, the capital increase will sustain our ability to fulfil our future, competitive objectives and reach our vision of further expanding our operations by means of acquisition or establishing a physical presence in countries where we are already active".
He continued "It is always our aim to pursue diversified growth and expand our service offering to clients; ensuring their security is a mainstay of our strategy".
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, issued and paid up capital of USD 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, 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.