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ARIG: cessation of activities

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Magazine Issue: 
The pandemic risk, insurers’ future Eldorado [3]
Magazine date: 
Jul 2020

ArigThe Extraordinary General Meeting (EGM) of Arab Insurance Group (ARIG), held on 13 August 2020, approved the decision of the Board of Directors to cease the company’s reinsurance activities.

The EGM also authorized the Board to place the current portfolio in run-off. The latter could be managed either internally or outsourced to a third party.

Established in 1980 in Bahrain, ARIG's shareholders comprise the governments of the United Arab Emirates, Libya and Kuwait.

In H1 2020, the company sustained a net loss of 3.62 million USD against a net profit of 8.54 million USD in 2019.

Read also | Arig's cessation of activity [4]

Wed, 19/08/2020 - 10:02

Source URL: https://www.atlas-mag.net/en/article/arig-cessation-of-activities

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[4] https://www.atlas-mag.net/en/article/arig-s-cessation-of-activity-directives-of-the-central-bank