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Member, Beacon International Group, Ltd.
U.A.E.-based United Insurance Co. P.S.C. has received approval from its shareholders to raise its capital from 100 million U.A.E. dirhams ($27.2 million) to AED 150 million ($42 million), reports Asia Insurance Review.
The shareholders at the general meeting also approved a proposal to permit foreigners to own up to 25% shares in the insurer. UIC's net losses amounted to AED 7 million in the first quarter of 2015, compared with AED 9 million reported in the first quarter of 2014.