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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.

With the authorities still busy in evaluation and land acquisition, work on any of the nine special economic zones (SEZs) to be set up in the country under China-Pakistan Economic Corridor (CPEC) has not yet begun, Dawn has learnt. — AP/File

ISLAMABAD: With the authorities still busy in evaluation and land acquisition, work on any of the nine special economic zones (SEZs) to be set up in the country under China-Pakistan Economic Corridor (CPEC) has not yet begun, Dawn has learnt.

Most of these economic zone projects — which will be established in the federal capital, all the four provinces, Azad Jammu and Kashmir, Gilgit-Baltistan and erstwhile Federally Administered Tribal Areas — are either at the stage of land acquisition or their feasibility reports are being finalised, according to the information provided by the government to the National Assembly in response to a question asked by Pakistan Muslim League-Nawaz lawmaker from Narowal Mehnaz Akber Aziz.

The nine SEZs are Rashakai Economic Zone in Nowshera (Khyber Pakhtunkhwa); China Special Economic Zone, Dhabeji (Sindh); Bostan Industrial Zone (Balochistan); Allama Iqbal Industrial City, Faisalabad (Punjab); ICT Model Industrial Zone, Islamabad; Industrial Park on Pakistan Steel Mills Land at Port Qasim near Karachi (Sindh); SEZ at Mirpur (AJK); Mohmand Marble City (formerly Fata) and Moqpondass SEZ in Gilgit-Baltistan.

The official document shows that none of these SEZs have so far been provided with basic amenities as utility departments are still doing calculations and making evaluations.

Authorities yet to complete groundwork for nine zones under CPEC

While an agreement between the Khyber Pakhtunkhwa Economic Zone Development Management Company (KPEZDMC) and the China Road and Bridge Corporation (CRBC) for the development of Rashakai SEZ in Nowshera had been signed on Nov 3, 2018, the government expects that “work on off-site infrastructure facilities” for the project will begin on Oct 31, according to the official document.

As far as the provision of basic amenities is concerned, the document says that PC-1 for the provision of electricity will be submitted by Aug 30. The power division will then evaluate the proposal and process for funding through the Public Sector Development Programme (PSDP).

“The petroleum division is making necessary arrangements for provision of gas at the zero point of the zone,” it says, adding that the provincial government will ensure provision of “adequate supply of water”.

The document says that 1,530 acres for the China SEZ at Dhabeji has already been reserved/ earmarked by the Board of Revenue in Sindh. A detailed feasibility study had been completed in April 2018 by Consortium of Consultants (EY Ford Rhodes, Osmani & Co, RIAA Barker Gillette and IBA Karachi), it says. “The preparation of Request for Proposals and draft concession agreement shall be ready for the developer solicitation through international competitive bidding” by the end of this month, it adds.

Service providers K-Electric, Sui Southern Gas Company (SSGC) and Karachi Water and Sewerage Board (KWSB) had shared official estimates along with the details of external infrastructure availability and the tentative timelines for provision of electricity, gas and water to the doorstep of the SEZ. The PC-I for 32MW of electricity prepared in coordination with K-Electric was submitted to the power division, Islamabad, on May 29.

Similarly, the Balochistan industries department had already completed and submitted the feasibility study of Bostan SEZ. An application seeking Bostan SEZ notification as per SEZ Act, 2012, is currently “under evaluation by the Board of Investment (BoI)”, according to the document.

The earth-breaking ceremony of Allama Iqbal Industrial City (M3), Faisalabad, is expected by the month end. The government claims 80 per cent land for the project has been acquired while efforts are still on for acquisition of remaining land. An application will soon be submitted to the BoI under the SEZ Act, 2012. The Faisalabad Industrial Estate Development and Management Company is carrying out a detailed study for the zone development, as the firm’s demand of utilities will be calculated and forwarded to the power division for funding through the PSDP.

Due to non-availability of public land in the federal capital, the Islamabad SEZ project has been delayed. The National Industrial Park Management Company (NIP) and the BoI had discussed the requirement for land at I-17 Sector of Islamabad with the Capital Development Authority (CDA). “However, the CDA has conveyed in writing regarding non-availability of public land in the ICT,” the official document says.

It says the BoI also received an application from the National University of Science and Technology (Nust) for establishing National Science and Technology Park (SEZ) in May. “The evaluation and viability of the project is under process at the BoI”, it explains. Nust also submitted an undertaking that electricity and gas requirement would be met through integral arrangements.

About the Industrial Park on Pakistan Steel Mills (PSM) land in Karachi, it says the Board of Directors had approved in principle the proposal last year but “the matter is still under consideration between the management of the NIP and the PSM. They will organise meetings shortly to resolve the issue of land and its pricing,” the National Assembly was informed.

The Mirpur SEZ in AJK is being developed in two phases. The document says that land measuring 178 acres has already been acquired by the Industries Department for Phase I. For the Phase II, it says “land measuring 717 acres has been transferred, whereas acquisition of 193 acres is in progress”. For land acquisition, Rs270 million has been paid to the collector. The consultant has submitted draft feasibility study, PC-I and master plan. The draft feasibility report is, however, under revision due to new demarcation of land. The estimated cost for SEZ Mirpur establishment is around Rs6.749 billion.

Similarly, the government says that 350 acres have been acquired in erstwhile Fata for setting up of Mohmand Marble City and a feasibility study is being conducted.

While 250 acres have been acquired for Moqpondass SEZ (Gilgit) and a feasibility study has been submitted by the Gilgit-Baltistan industries department, the National Assembly was informed that a “formal application for declaration of SEZ as per provisions of the SEZ Act 2012 is still awaited”.

Image result for Gold price has climbed and is climbing further

KUWAIT CITY, Aug 13, (KUNA): The US Federal Reserve’s recent decision to slash interest rate on the USD and ongoing trade war between Washington and Beijing contributed to lifting gold prices in the past two days from USD 1,400 per ounce to USD 1,475 (OZ).

 

A report issued by the Kuwaiti Sabayek Company for precious metals, released on Tuesday, said the gold price, according to “most investors,” would exceed USD 1,500 (OZ). The yellow metal rate reached the highest level since 2013 when it has recently hit USD 1,475 (OZ), buoyed by a weak USD and investors’ inclination toward bourses and global stocks. The US Federal Reserve policy of trimming the interest rate will most certainly push the precious metal price higher than the USD 1,500 (OZ), according to the Sabayek Co. report.

Continuing commercial war between the US and China will lead to higher commodity prices, thus the USD value is forecast to drop, the report said, indicating that this situation would “serve the yellow metal and cause it to climb in the coming days.” Locally, sales in July were low with upcoming summer vacation and the eid, in addition to hike of global prices due to geopolitical factors in East Asia, as well as the global trade war. The report says the prices in the local market will remain low due to investors’ jitters and anticipations.

Source: Arab Times

Image result for It is hard to shake off addiction to crude oil

International oil markets are closely watching a particular crude oil production number – Saudi Arabia’s Aramco figure, and they are reacting accordingly.

 

The longterm ambition of oil countries to live without depending on oil seems to be a farfetched o b j e c t i v e . None of our Arabian Gulf countries can move away from it and find a realistic solution in terms of a new source of revenue as an alternative to oil.

We in Kuwait started to call for an alternative revenue source instead of oil in 1965 through our planning board. Unfortunately, we are still in the talking stage even though we have all the necessary tools, a small population, good infrastructure and technology, high rate of education and computer know-how, plus young population.

Lack of determination, vision and leadership are the main obstacles in the plan to move away from oil. In addition, the available money has been delaying such a firm action.

Maybe we need to wait further until the time comes when we run out of money and start cashing our overseas investments. The second country to take such a decision is Saudi Arabia. It decided three years ago to reduce the dependence on oil by 2020 but it has now realized that this is not possible and that the date is not realistic.

Nevertheless, their decision to sell about five percent of its giant Saudi Aramco is a step towards moving away from oil by offering its shares to international investors, and generating more cash for other non-oil investments inside the country.

Further delays could result in lower value for its assets with oil prices going down and not likely to improve and go above $70 in the coming years. Another factor to bear in mind is that oil producing countries will not be generating the surplus cash that they used to get in the last five years. Since the end of 2014, most of them have been facing big financial deficits, including Kuwait and Saudi Arabia, as they need oil price to be within the range of $75 to $80 per barrel.

This is impossible to achieve now and in the future due to free availability of shale oil from USA and Argentina, and with other countries to follow. The choice of finding an alternative source of revenue instead of depending on oil is no longer a free option, but it is a must action. Five years ago, USA came to the decision to stop being addicted to oil from the Middle East, and to become independent. Now they are, and are addicted to their own oils. Can we do the same and move away from our addiction to our sole of income?

By Kamel Al-Harami Independent Oil Analyst

Source: Arab Times

Image result for Electric cars making slow inroads in Kuwait market

KUWAIT CITY, July 28: The electrical cars are entering the Kuwaiti market gradually, opening a new phase for customers, and with it the discussions for the car charging stations needed by these vehicles have begun for the success of their experimental use on the roads, reports Al-Rai daily.

 

The Minister of Commerce had formed a technical committee specialized in electrical vehicles in which officials from 14 government agencies and the private sector had participated to establish the necessary conditions and the provision of electric charging stations in all areas.

This is in line with the vision of Kuwait 2030 which aims at increasing reliance on alternative energy and reducing dependence on oil with the aim of reducing pollution and raising the competitiveness of the state in the environmental field.

In view of the diversity of opinions on the success of electric cars spreading in the local market, the views of some officials differed on the importance of their spread and the need of the local market for them. More meetings will be held in order to outline the establishment and construction of the stations that meet the needs of the customers and move Kuwait to a new level in the automotive sector.

Source: Arab Times

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