Business & Money | Monday 6 April, 2015 12:59 pm |

In a trading environment characterised by softening conditions, Trust Re achieved Gross Written Premium of US$ 452.6 million during the financial year 2014, representing robust growth of 13.7% compared to the previous reporting period (2013: US$ 398.0 million).

The Group’s profits remained resilient at US$ 15.4 million. This represents a fall of 14.4% year-on-year, driven primarily by an increase in the frequency of large claims from the Asian region and unfavourable FOREX movements of the Euro versus the US dollar.

Total investments and finance income grew to US$ 14.1 million (2013: US$ 7.4 million) and total shareholders’ equity rose year-on-year to reach US$ 385.2 million (2013: US$ 298.4 million).

Fadi AbuNahl, CEO of Trust Re, commented on the above results as follows:
 
“This is a solid set of results in challenging market conditions. The Trust Re team adhered to disciplined underwriting without neglecting to add value to our customers. Our team continued to provide excellent service and support to our partners through our increased product offering and financial security. I feel confident that the fundamentals are in place for Trust Re to capitalise on its strategic targets, albeit, in one of the most difficult marketplaces to date. ”

Mr. AbuNahl further added “We pledge to work more closely with the company’s stakeholders to further enhance the services offered, to ensure they are in tandem with business development in the regions in which we operate. Our clients’ support remains a focal point of our future”.