United Insurance Company recapitalized

United Insurance Company (UIC) has decided to increase its capital to 7 million USD (+50%). This will make the company the leader in the insurance market in terms of capitalization.

According to Tarek A Hayel Saeed, general manager of UIC, this capital increase is a sign of financial strength of the insurer, which also plans to increase its underwriting capacity and retention risk.

Note that UIC, leader of the Yemeni insurance (60% share of the life market) has recorded a total premium of 39 million USD for 11.1 million of claims paid in 2013.

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