In light of the impact of regional geo-politics on economic conditions, and the ongoing finalisation of the 2017 and 2018 audited consolidated financial statements of the Parent Company (Nest Investments Holdings Ltd.), Trust Re announced that Nest Investments Holdings Ltd. will inject the USD 130 million replacement funds during 2019.
Since his appointment in April this year, Trust Re's Group CEO, Talal AL ZAIN has strengthened the Company's senior management team. In addition, the Company is in the process of finalising its new corporate governance framework, which will restore its position of strength and drive it to its fullest potential.
AL ZAIN commented:
"I would like to thank the Central Bank of Bahrain for their guidance and strong support during this time of extraordinary challenges. Trust Re has experienced the most testing period since its establishment in 1989, and Management has dealt with these challenges readily, while maintaining an open dialogue with its clients. (...) On behalf of the senior management team, I would like to pay tribute to the support of our clients, stakeholders and to the commitment and dedication of the Trust Re Management and employees."
AL ZAIN also remarked that Trust Re has been profitable for the last decade and its balance sheet and liquidity position remain very strong, emphasising that renewals for financial year 2019 have been well above budget.
Source: Trust Re