Arab Reinsurance Company (Arab Re)
Lebanon, the economic center of the Middle East, was back then designed to serve as a base for the new entity expected to shine over the entire region. Project developers were then happy to have a joint reinsurance structure in order to coach insurance start-ups in a geographic area stretching out from the Atlantic to the Persian Gulf.
Three years following the start of operations, Arab Re had had to face the civil war that broke out in Lebanon in 1975. Despite the trail of destruction and devastation left behind by the hostilities, the company never moved from Beirut where thanks to the selflessness and courage of its staff members, the company managed to continue working and especially honoring its commitments towards its ceding companies.
Today, Arab Re is pursuing the objectives entrusted to it by their founding fathers while expanding the sphere of activities to other areas such as Africa and Asia. The hiring of highly qualified staff has enabled the company to develop new niches such as life and health classes of business. New horizons have been explored thanks to the buoyancy of the company’s customized services.
Sheikh Khaldoun Barakat | Ronald Chidiac |
Chairman | General manager |
Arab Re in 2014
Share capital | 75 000 000 USD |
Turnover | 81 647 636 USD |
Assets | 269 462 748 USD |
Shareholder's equity | 92 586 948 USD |
Net result | 564 879 USD |
Gross loss ratio | 72,7% |
Expenses ratio | 33,6% |
Gross combined ratio | 106,3% |
Number of employees | 70 |
Board of directors and management
Chairman | Sheikh Khaldoun Barakat |
General Manager | Ronald Chidiac |
Assistant General Manager, Administration | Salim Kojok |
Assistant General Manager, Finance | Hussain Mallouk |
Human Resources Manager | Hala Saleh |
Director of Reinsurance Pool | Nehme Araman |
Major shareholders
Insurance and reinsurance companies, banks and govermental institutions of Algeria, Bahrain, Egypt, Iraq, Jordan, Saudi Arabia, Kuwait, Lebanon, Libya, Morocco, Sudan, Tunisia and United Arab Emirates |
Arab Re: main technical highlights: 2010-2014
in USD2010 | 2011 | 2012 | 2013 | 2014 | |
---|---|---|---|---|---|
Gross written premiums | 53 672 396 | 57 549 071 | 72 551 380 | 86 020 970 | 81 647 636 |
Gross earned premiums | 56 958 055 | 56 176 653 | 66 602 653 | 84 572 343 | 82 234 601 |
Net earned premiums | 44 821 164 | 45 627 052 | 53 465 883 | 66 854 887 | 61 637 700 |
Gross incurred losses | 43 056 125 | 38 391 603 | 40 741 247 | 56 846 973 | 59 837 580 |
Net incurred losses | 30 372 912 | 30 898 699 | 34 821 529 | 48 146 857 | 48 063 792 |
Management expenses (1) | 18 567 683 | 18 606 499 | 22 930 366 | 27 809 520 | 27 417 869 |
Gross loss ratio | 75.6% | 68.3% | 61.2% | 67.2% | 72.7% |
Management expenses ratio (2) | 34.6% | 32.3% | 31.6% | 32.3% | 33.6% |
Gross combined ratio | 110.2% | 100.6% | 92.8% | 99.5% | 106.3% |
Pre-tax result | 6 889 077 | 5 587 506 | 7 973 641 | 5 158 793 | 856 251 |
Net result | 6 766 207 | 5 496 821 | 7 762 651 | 4 920 214 | 564 879 |
(2) management expenses ratio = management expenses / gross written premiums
Arab Re: evolution of premiums, management expenses and results: 2010-2014
in thousands USDArab Re: evolution of loss, expenses and combined ratios: 2010-2014
Arab Re: breakdown of turnover per class of business: 2010-2014
in USD2010 | 2011 | 2012 | 2013 | 2014 | 2014 shares | |
---|---|---|---|---|---|---|
Fire | 22 848 435 | 21 665 881 | 27 462 831 | 34 751 429 | 34 176 297 | 41.9% |
Accident | 12 422 229 | 17 163 463 | 22 696 572 | 27 662 086 | 23 843 053 | 29.2% |
Engineering | 9 078 965 | 9 905 192 | 11 489 794 | 12 592 787 | 11 050 334 | 13.5% |
Marine | 9 271 419 | 8 436 672 | 10 015 032 | 9 142 088 | 9 121 941 | 11.2% |
Total non life | 53 621 048 | 57 171 208 | 71 664 229 | 84 148 390 | 78 191 625 | 95.8% |
Life | 51 348 | 377 863 | 887 151 | 1 872 580 | 3 456 011 | 4.2% |
Grand total | 53 672 396 | 57 549 071 | 72 551 380 | 86 020 970 | 81 647 636 | 100% |
Arab Reinsurance Company: breakdown of 2014 turnover per class of business
Arab Re: gross incurred losses 2013-2014
in USD2013 | 2014 | 2014 shares | |
---|---|---|---|
Fire | 21 790 792 | 26 596 865 | 44.4% |
Accident | 21 344 521 | 19 930 523 | 33.3% |
Engineering | 8 194 222 | 5 801 059 | 9.7% |
Marine | 3 898 797 | 5 713 909 | 9.6% |
Total non life | 55 228 332 | 58 042 356 | 97% |
Life | 1 618 641 | 1 795 224 | 3% |
Grand total | 56 846 973 | 59 837 580 | 100% |
Arabe Re: breakdown of 2014 gross incurred losses per class of business
Source: Figures extracted from different balance sheets of Arab Re companyArab Reinsurance Company (Arab Re)
Head office | Arab Re’s Bldg., Maarad Street, P.O. Box: 9060, Beirut, Lebanon |
Tel | +961 1 989500 - 983931 |
Fax | +961 1 985154 |
arabre [at] arabre [dot] com | |
Website |