TRUST Re's Business Partners' Seminar kicks off in Vienna

25 April 2016 — Alexandru CIUNCAN
IMG_8920_micThis week, the Austrian capital city of Vienna is hosting the first TRUST Re Business Partners' Seminar to take place in Europe, after successful events in Malaysia, Cyprus, Seychelles, Vietnam, Marocco and Bahrain.

Some 50 insurance and reinsurance specialists from 14 countries including Austria, Czech Republic, Poland, Romania, Serbia, Bulgaria, Slovenia, Macedonia, Albania, Kosovo, Cyprus, Belarus, Azerbaijan and, of course, Bahrain are attenting the event - which focuses on exchanging ideas and expertise in the field of property and engineering insurance.

Based in Bahrain but operating on the global markets, TRUST Re achieved in 2015 GWP of USD 475.9 million, up 5.1% compared to the previous reporting period (2014: USD 452.6 million). TRUST Re's profits rose significantly, by 100%, to USD 30.8 million (2014: 15.4 million) primarily due to very strong non-technical income, in particular a one-off realised gain on sale of shares during the first half of the year. Net Underwriting Profit was up 49.6% to reach USD 17.5 million (2014: USD 11.7 million) largely as a result of a more favourable loss experience compared to last year. The combined ratio improved to 94.0% (December 2014: 95.8%); the improvement reflects a decrease in large losses and a more favourable expense ratio compared to 2014.

In August 2015 the rating agency A.M.Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "A-" of TRUST Re. The outlook for both ratings remains stable. According to A.M. Best, the ratings reflect TRUST Re's strong risk-adjusted capitalization, track record of solid operating performance and developing business profile.

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