Business

Dubai, United Arab Emirates, 27 August 2019, (AETOSWire): Beyontec Solutions, an end-to-end technology solutions provider focused on the global Insurance industry, recently entered into a strategic partnership with Braxtone, a leading provider of recovery and professional services for insurance, to offer a comprehensive automated motor claims recovery solution for insurance companies in Bahrain and the United Arab Emirates.

Intra-company claims recovery has had a significant impact on the insurance business due to highly manual, people dependant, time-consuming and non-transparent recovery process adopted by insurers. This often led to missed opportunities for recovery with substantial implications on the insurer’s overall profitability. The Beyontec and Braxtone partnership is strategically aligned to address the claims recovery challenge faced by the industry and minimise missed recovery opportunities and reduce loss costs.

With more than two decades of industry experience and working closely with regional customers, Beyontec was quick to understand the limitations and pain points in the current recovery process. The company invested early and did exhaustive research and extensive consultations with regional insurers and industry bodies for more than five years, before designing and developing the best-in-class automated recovery portal solution. “The claims recovery portal is designed to help insurers review and process recoveries in real-time and make the process more transparent, faster and efficient” said Mr. Vivek Sethia, Director and Co-founder of Beyontec Solutions DMCC.  “Our strategic partnership with Braxtone will enable insurers in UAE and Bahrain to adopt this revolutionary, industry-first recovery solution and protect their cash flows” he added.

Speaking about the partnership, Mr. Ayman Al-Ajmi, Chief Executive Officer, Braxtone said “We have a proven track record in managing professional services across claims recovery and collection services for insurance and reinsurance. This partnership with Beyontec complements our capabilities and service quality, and together we are confident of resolving the industry-wide claims recovery challenges. We bring insurance expertise hand-in-hand with unique service delivery that basically sells itself. We have seen success in Bahrain and UAE where companies put their trust in Braxtone to manage their claims and portfolios”.

The combination of Beyontec’s technical capabilities and Braxtone’s deep client understanding and expertise in insurance, regulatory environments and business processes are uniquely positioned to deliver a reliable, cost-effective and easy-to-use solution for full visibility and higher process efficiency in claims recovery. Braxtone will also assist Beyontec in localization and further enhancements of the solution. The ready-to-start solution is made for the Middle East market and can be integrated with any core system without making any change to current systems.

 

About Beyontec Solutions

Beyontec Solutions is a global insurance solution provider, addressing all aspects of insurance business including general insurance, Takaful, life insurance, medical insurance and insurance broking. The diverse insurance experience and knowledge has enabled Beyontec to create solutions that incorporate the world’s best insurance practices. Supported by experienced insurance professionals and support centres, they provide the best service and support to global insurance companies.

Website: www.beyontec.com

For media inquiries, contact This email address is being protected from spambots. You need JavaScript enabled to view it.

 

About Braxtone

Established in 2017 as an independently owned firm, Braxtone specializes in providing professional services to prospective insurance and reinsurance firms, including, run-off management, claims management, credit control, receivables management, operational support and consulting. We have gained a reputation as the go-to expert for any insurance service or outsourcing need. Our clients benefit from the combination of skills hosted by the team at the leading-edge insurance operation and management, niche industry expertise and deep understanding of local issues and challenges.

Website: https://braxtone.ae/

*Source: AETOSWire

Dubai, United Arab Emirates, 26 August 2019, (AETOSWire): Digital Venture has signed an agreement with Amadeus, a global technology provider for the travel industry, to become the exclusive distributor for its innovative and unique media solutions inventory for Amadeus travel itinerary documents and CheckMyTrip for all advertising demands in the GCC, Levant, Egypt & Italy regions.

Digital Venture will, work directly with advertisers and agencies in the regions. Through these Amadeus media solutions products, Digital Venture will provide its clients with direct access to engage with global confirmed passengers before, during and after their trip experience, with points of sale in the exclusive regions.

Amadeus’ media solutions advertising products are travel documents issued by travel agencies and “CheckMyTrip” mobile app, which help brands with specialized targeting criteria to deliver personalized offers to booked travelers. These criteria include language, booking class, business category, origin, destination, connection, connection duration, trip duration, booking dates, class of service, trip elements booked, trip companion, affluence, gender, trip purpose and many more.

Commenting on this strategic alliance, Digital Venture CEO, Sami Hamade said, “Travelers are attentive and receptive to their trip context. Interaction at these key stages increases brand recall. Offer relevant content at the time and place when the audience demands it. We are very excited about this partnership and look forward to having partners join us in creating success stories”

Sol Freixa, Global Director for Travel Advertising Sales & Marketing, Travel Channels, Amadeus said, “With one of the fastest growing online travel sectors in the world, it is no surprise that the region is deeply committed to digital transformation. Travel advertising plays a key role in this as it allows retailers to reach travelers in new, interactive ways, at the right moment. It’s against this backdrop, we are pleased to have partnered with Digital Venture to support our future growth in the region and positively impact traveler journeys.”

*Source: AETOSWire

Dubai, United Arab Emirates, August 27, 2019, (AETOSWire): Desert Golf, a division of Desert Group, has successfully completed the 18 hole greens renovation at the Arabian Ranches golf course - two weeks ahead of schedule.

The championship golf course was closed to pave way for a greens renovation due to the invasion of foreign grasses, which had affected the uniformity, appearance and smoothness of the greens.

The Arabian Ranches greens renovation process entailed a comprehensive survey of all 18 greens, followed by excavation and the careful precise shaping of the subgrade of all the greens in order to mirror the final levels. A consistent depth of USGA greensmix was then added and shaped to meet original design contours. Finally, the greens were planted with certified Platinum TE Paspalum sprigs, an environmentally sustainable, salt-tolerant turfgrass, which was refrigerated and shipped by air from the United States of America.

Platinum TE features a dark green colour and due to its very fine leaf texture provides a tight compact canopy surface that provides exceptional ball puttability.

“The renovations were aimed at elevating the golfing experience and the Arabian Ranches golf course is now looking pristine complete with United States Golf Association-approved greensmix,” said Rory Hutchison, General Manager, Desert Golf.

It is expected that the golf course will be open for play sometime in October.

 

About Desert Golf

Desert Golf, a division of Desert Landscape Construction, Desert Group was established in 2006 and has since involved in the construction and renovation of several top golfing facilities. Known for their highly skilled golf construction and refurbishment capabilities they thrive on working closely with the best golf designers in the world.

Desert Golf has a team of experts with extensive experience in golf construction, maintenance and renovation who are able to produce outstanding playing surfaces.

Some of the work done by Desert Golf includes Jumeriah Golf Estate, home of the prestigious “Race to Dubai” Golf Tournament as well as the Tiger Woods at Al Ruwaya, Akoya and most recently Dubai Hills for Emaar.

“We at Desert Group offer a range of services that extends from design and landscape construction to turf maintenance and plant nursery capabilities that are focused towards customer needs and are unparalleled in the region”, Michael Mascarenhas, Group CEO, Desert Group. *Source: AETOSWire

Abu Dhabi, United Arab Emirates, August 27, 2019, (AETOSWire): Today the 17th Edition of the Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX) 2019 was launched with an unexpected number of visitors in the first opening day. The event is held under the patronage of His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region and Chairman of Emirates Falconers’ Club and is ongoing until the 31st of August 2019.

The slogan for this year’s edition is “Together to Consolidate Sustainable Hunting Initiatives.” As such, all the activities and activations will highlight the definitions of sustainable hunting among a universal audience in order to stress on the environmental balance between hunting and preserving various birds of prey.

The 17th edition combines 11 sectors and they are: Veterinary Products & Services, Hunting Guns, Media, Outdoor Leisure Vehicles and Equipment, Hunting Tourism and Safari, Arts and Crafts, Equestrian, Falconry, Fishing and Marine Sports, Hunting and Camping Equipment and the Promotion and Preservation of Cultural Heritage. This is in addition to the Arena that is dedicated to horse, camel, and dog shows.

Today there was a workshop that discussed the Illegal Trade in Birds of Prey that was held today on the sidelines of the initiatives of the exhibition. It was held in the presence of His Excellency Dr. Thani Bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, His Excellency Majid Ali Al Mansouri, Secretary General of the Emirates Falconers’ Club and Chairman of the Higher Organizing Committee of ADIHEX and Her Excellency Dr. Sheikha Salem Al Dhaheri, Secretary General of the Environment Agency Abu Dhabi, and a number of local and international officials.

The workshop reviewed the mechanisms of the process and efforts taken by local and international institutions aiding the efforts of the International Association for Falconry and Emirates Falconers’ Club, who organized the workshop, to promote the elimination of illegal trade of birds of prey.

In the current edition of ADIHEX there will be the ‘ADIHEX Awards’ for individuals and organizations contributing to the success of the exhibition. The exhibition is organizing a Camel Auction in the arena during the five days of the exhibition.  There is also an Art Auction that showcases very special artistic pieces and paintings by talented artists.

ADIHEX also hosts an Innovation Hub which is a platform for all amateurs, small companies, and anyone interested in hunting, equestrian, and falconry to showcase their special pieces. During the show there is a daily Falcons Auction being held for the first time and runs throughout the five days of the exhibition.

The exhibition is also hosting various competitions and cultural and entertainment activities that are curated for visitors with prizes worth more than one million dirhams.

*Source: AETOSWire

Image result for IGI Reports Rising GWP and Growth in Key Lines of Business in Half-Year 2019 Results

DUBAI, United Arab Emirates--(BUSINESS WIRE/AETOSWire)-- International General Insurance Holdings Limited today reported earnings for the first half of 2019.

IGI reported a net profit of $13.75 million for the first six months of 2019, compared to $11.02 million last year, and a 12.2% rise in gross written premiums from $165.87 million in June 2018 to $186.12 million in June 2019.

The Group recorded an overall underwriting profit of $25.88 million for the six months ending 30 June 2019, which reflected a 9% increase from the 2018 result of $23.75 million.

IGI reported growth in most major lines of business, with Casualty, Engineering, Ports & Terminals and Financial Lines contributing the most in dollar growth.

Annualized return on equity for the period ended 30 June 2019 came in at 8.7%, compared to 7.2% for the same time period in 2018. IGI’s book value per share has grown to $2.358 at the end of June 2019 from $2.271 at the end of 2018.

Meanwhile, IGI reported an investment income result of $7.3 million for the first half of 2019, compared to $4.88 million for the first half of 2018.

IGI posted a combined ratio of 92.84%, compared to 91.28% in June 2018.

“The insurance market is in a healthier position than it has been for a long time,” said Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH. “Rates are continuing to gradually rise, and the outlook remains positive for the rest of 2019. Our results reflect a clear strategy of disciplined underwriting and profitable growth as IGI continues to move ahead with its diversification and expansion strategy, which has kept us strong in challenging times.”

“We are working on a number of exciting developments and business expansion projects, which are expected to materialise in the near future.”

On 22 August 2019, S&P Global Ratings affirmed its ‘A-‘ insurer financial strength ratings with stable outlook for IGI Bermuda and IGIUK.

Highlights for the first half of the year, as at 30th June 2019, are as hereunder, along with those for the previous year:

     

 

As at 
30th June 2019 
(US Dollars)

As at 
30th June 2018 
(US Dollars)

$ in million

   

Gross written premium

186.12

165.87

Underwriting profit

25.88

23.75

Investment income

7.29

4.88

Net profits

13.75

11.02

Total Assets

954.64

935.25

Shareholder’s equity

316.04

307.08

 

Ratios (%)

   

Combined ratio

92.84

91.28

Return on equity (Annualized)

 

8.7

7.2

 

   

Ends

Issued by rein4ce on behalf of International General Insurance Holding Limited.

About IGI:

International General Insurance Holdings Limited is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, UAE, Malaysia, Morocco and a wholly owned subsidiary in the U.K.

IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.

Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a positive outlook by A.M Best Company.

IGI Group of companies underwrites a worldwide portfolio of energy, property, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, marine liability, political violence, forestry and reinsurance treaty business.

International General Insurance Holdings Limited had assets in excess of US$ 950 million as at 30th June 2019.

For more information, please visit www.iginsure.com or email This email address is being protected from spambots. You need JavaScript enabled to view it..

View source version on businesswire.com: https://www.businesswire.com/news/home/20190827005354/en/

*Source: AETOSWire

Image result for Business News: Senior Partner for Top Global Management Consulting Firm Offers Inspiring Approach to Economic Development in the Middle East

New York, United States of America, August 29, 2019, (AETOSWire): Many challenges face the Middle East in terms of economic development, but one business executive is inspiring others in the region. Mohammed Alsherebi—a Saudi Arabian business magnate, investor, and philanthropist who also serves as a senior partner and external director for a leading global management consulting firm—is preparing to launch a new ecosystem to facilitate business between Middle Eastern markets and the top global markets, as facilitated by the Saudi “Vision 2030” plan.

Vision 2030 is intended to reduce Saudi Arabia’s dependence on oil while diversifying its economy, in part via development of public service sectors including health and education, as well as infrastructure, tourism, and recreation. While developing the Middle East’s society, economy, and nation, Vision 2030 targets transforming the Middle East to become the ‘new Europe.’ This plan is reported to have a major economic contribution around the world, similar to the million-plus new jobs created in the United States, from deals announced during the first year since the launch of Vision 2030.

Many reforms resulted last year in the wake of Vision 2030, including greater support for women’s empowerment, inclusion, diversity, and human rights. For example, for the first time in the country’s history, 2019 marks the year when women could apply for passports and travel without a male guardian’s permission, adding to the recent lift of the ban on women’s driving. The plan also affects Saudi women at work, calling for a rise in women’s workforce participation to 30 percent, barring gender-based discrimination at work, and resulting in more women entering leadership roles in the country’s largest banks and the stock exchange, as well as top diplomatic positions.

Money was rechanneled and restored to public wealth, resulting in financing trillions of dollars in economic projects such as the launch of the largest investment fund in history (PIF) and numerous projects to develop new zones and cities, including NEOM, the Red Sea, and Amaala. Many records were also set last year in the region, including development of the largest company in history (Aramco), the largest renewable energy project in history (200 GW of PV capacity), the largest VC fund in history (Vision Funds with SoftBank), the world’s largest entertainment park (Qiddiya), and the world’s largest city park (King Salman Park).

Alsherebi is launching the new ecosystem to facilitate business from the top providers in the Middle East to major global markets in multiple sectors including oil, petrochemicals, banking, telecommunications, food, health care, and retail. The same ecosystem also facilitates business from selected top global brands to major business opportunities in the Middle East in multiple sectors such as investment, management, technology, engineering, and entertainment.

“Alsherebi is a global influencer and true thought leader who impacts and inspires millions of followers across various media platforms,” said James Gorman, a former senior partner at the same consultancy firm. “He is passionate about helping the most innovative entrepreneurs build legendary companies, from idea to IPO. I am confident that the launch of his new ecosystem will be transformational for economic and business development throughout the Middle East, and in helping to further the goals of the Vision 2030 plan.”

About Mohammed Alsherebi

Mohammed Alsherebi holds BS and postgraduate degrees in industrial engineering and business, earning the highest academic distinction from Harvard Business School, New York University (NYU), and the University of California. Alsherebi is founder of the Centillion Company, which controls more than 10 companies in various fields and geographies including Nama Company, a leading local partner for the top 10 largest corporations in the region, including Saudi Aramco and SABIC.

Decades of experience in his core functions of investment, strategy, technology, and innovation back Alsherebi’s new initiative to facilitate business between Middle Eastern markets and the top global markets, as facilitated by the Saudi “Vision 2030” plan. Alsherebi has served on McKinsey & Company’s Executive Global Panel since 2009 and as an advisor and counselor to McKinsey clients, other international firms, and for multiple subsidiaries of McKinsey, including McKinsey implementation, Elixir integration, and Digital McKinsey. He advises leaders of governments, investments, and businesses with focus on strategy, digital strategy, and investment funds.

Alsherebi’s expertise in consulting incorporates three main components:

  • Helping organizations in the private and public sector execute bold business strategy to perform exceptionally in the digital age, including in areas such as revenue growth, market entry, country expansion, product development, pricing improvements, and other strategic issues.
  • Digital strategy. Helping clients use digital to create value, including technologies in cognitive computing, data and analytics, AI, and cloud computing.
  • Strategy for investment. Advising investment leaders across the entire investment life cycle such as deal generation, due diligence, value creation plans, and portfolio management.

Alsherebi also sits on the board of several institutions and holding multiple leadership roles at major Fortune Global 500 companies.

*Source: AETOSWire

Image result for PIFSS approves merger of KFH and Bahrain Ahli Bank

No fears of fines on Future Bank

 

KUWAIT CITY, Aug 15: The Public Institute for Social Security (PIFSS) has initially approved the merger of Kuwait Finance House and the Ahli United Bank (Bahrain), according to a technical study prepared by the institution’s management and investment arm, reports Al-Qabas daily.

PIFFS confirmed that Article 3 of Decision No. 5 of 2017 shall have the highest authority in determining the rules and programs of investing the corporation’s funds and issuing the necessary investment decisions. Sources noted that the Wafra International Investment Company (Kuwait) participated in the evaluation and study process, and stipulated in its approval to open the books of both banks and start the process.

It said that it set a minimum exchange rate, which is subject to a rigorous examination process, pointing out that the book value of the total shares of KFH in the books of the due diligence report on Feb 28, 2019 was 202.6 million dinars, and the market value as of the same date was 233.33 million dinars.

The corporation denied any fears of imposing fines on the Future Bank of Iran, in which Ahli United Bank (Bahrain) contributes one third of the capital, stressing that in case of imposing fines on the bank, it will be charged to it, within the limits of the contribution and does not bear another entity either Ahli United Bank or PIFFS shall be subject to any penalties as a result of penalties that may be imposed, but shall be charged to the Future Bank only within the limits of the contribution to the capital and assets of the Bank.

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