Trust Re, a Bahrain-based reinsurance firm, has reported generating gross written premium of $381.3 million for the first nine months of the current year.

This, the company said, represents an increase of 19.8 per cent on the $318.2 million gross written premium for the same period last year and 10.1 per cent more than budget for the period, reported the Gulf Daily News (GDN), our sister publication.

Net earned insurance revenue for the period grew by 13.7 per cent to $194.5 million when compared with the level achieved at the end of third quarter last year.

Underwriting profits fell as a result of difficult market conditions, the firm said.

However, non-technical income performed strongly with a rise of 46.7 per cent to $2.2 million.

Total shareholder equity further increased to reach $352.1 million, up by 14.9 per cent year-on-year.

"Trust Re continued to grow profitably, albeit at a reduced profit rate and despite a challenging market backdrop," Trust Re chief executive Fadi AbuNahl said.

"The profitability achieved as of end-September makes us cautiously optimistic about the full year outcome," he said. - TradeArabia News Service