Trust Re’s group profits doubled to US$30.8 million in 2015 from $15.4 million in 2014, mainly due to very strong non-technical income, in particular a one-off realised gain on the sale of shares during the first half of last year.
In the 12 months ended 31 December 2015, Trust Re’s GWP amounted to $475.9 million, an increase of 5.1% compared to 2014’s $452.6 million.
Net underwriting profit grew by 49.6% to $17.5 million last year, largely as a result of a more favourable loss experience compared to the previous year. The group’s combined ratio improved to 94.0% (December 2014: 95.8%) with the improvement reflecting a decrease in large losses and a more favourable expense ratio compared to 2014.
Total investments and financial income jumped by 71.6% y-o-y to $24.2 million and total shareholders’ equity rose 11.5% y-o-y to $429.6 million.
Mr Fadi AbuNahl, CEO of Trust Re, said: “We have delivered solid results for 2015, based on disciplined underwriting which was supported by the extremely strong performance of our non-technical income.”
Trust Insurance Management becomes Lloyd’s coverholder
Meanwhile, Trust Re’s Bahrain-based subsidiary, Trust Insurance Management, has been approved as a Lloyd’s coverholder. This allows Trust Insurance Management to write business in the more than 200 countries in which Lloyd’s operates, both on an insurance and reinsurance basis.
“As Trust Insurance Management is writing on behalf of Lloyd’s syndicates, the capital is rated A+ by S&P, A by A.M. Best, AA- by Fitch and is backed by the Lloyd’s central fund,” Trust Re said in a statement.
In addition, Trust Insurance Management has entered into an agreement with Novae Syndicate 2007 at Lloyd’s, covering property, energy, liability and political violence businesses. There is a view to developing other lines of business in the future, said the statement.
Trust Insurance Management is an insurance manager regulated by the Central Bank of Bahrain. It has full access to Trust Re’s underwriting expertise.