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Arig profits hit by Cyclone Gonu

Third quarter profits at Arab Insurance Group (Arig) were down after the company was hit by a $9mn loss from Cyclone Gonu.

The cyclone hit Oman in June and was the strongest ever recorded in the Arabian Sea. It caused $4bn in economic losses and an estimated $800mn in insured losses.

Arig’s net profit fell to $10.3mn for the quarter, compared to $12.9mn in the prior-year period. Gross written premiums were up 46 percent from the same period last year at $215mn.

It said the growth was largely due to its acquisition of Scottish Re’s Middle East portfolio in July.

The company’s investment income was up from $26.2mn in the third quarter of 2006 to $37.4mn this year.

It said that it was “insulated” from the ongoing US sub-prime crisis by its “prudent and conservative” investment policy.

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