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Member, Beacon International Group, Ltd.
MANAMA, BahrainArab Insurance Group has reported third quarter 2006 net profits of $12.9 million, compared with the $13.2 million posted at the same period in 2005. Third quarter 2006 net profit compares with the $8.6 million posted in the second quarter 2006.
Gross premiums at the end of the quarter were $146.8 million, up from $144.9 million in the same period 2005. According to Arig, growth was mainly in facultative reinsurance premiums for property and engineering classes, which grew by 36% to $23.6 million for the period from $17.4 million.
In a statement the company said that it did not renew several non-profitable reinsurance treaties. Treaty premium at the end of the quarter was $119.2 million, down from $125.0 million.