Bahrain: Trust Re's paid-up capital increases to US$200 mln
Source: Middle East Insurance Review | May 2015
Trust Re said its authorised, issued and paid-up capital now stands at US$200 million, a goal it has reached ahead of schedule.
Its shareholders have released the final tranche, amounting to $30 million, of a plan to double the company’s share capital within three years. Reaching the $200-million mark now represents early completion of a commitment by shareholders announced at the company’s annual general meeting in March 2013. As at 31 December 2012, the share capital stood at $100 million.
Mr Fadi Abunahl, CEO of Trust Re, said: “This latest development is in line with the company’s strategic direction and risk tolerance. It will reinforce Trust Re’s future growth and allow the company to continue expanding profitably.”
Trust Re, he added, “will now be even better placed to grow its market share across its lines of business, both in the region and internationally”.
Trust Re achieved GWP of $452.6 million in 2014, a growth of 13.7% over the previous year. Profits were down 14.4% y-o-y to $15.4 million, driven primarily by an increase in the frequency of large claims from the Asian region and unfavourable foreign exchange movements of the Euro versus the US dollar.
Total investments and financial income almost doubled to $14.1 million in 2014 and total shareholders’ equity rose by 29.1% y-o-y to reach $385.2 million.