Arig shifts back to profit in 2009; warns on primary rates
Bahrain-headquartered reinsurer Arab Insurance Group (Arig) delivered net profits of $21.9mn in 2009, reversing a $28.6mn loss in 2008. However, reduced demand for reinsurance and falling rates stunted its top-line growth.
The company - which operates in the Middle East and North Africa (Mena) region - posted a combined ratio of 98.7 percent last year, compared to 99.8 percent in 2008.
Despite a benign natural catastrophe environment, Arig's claims and related expenses remained flat at $194.36mn, compared to $194.07mn in...
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