Trust Re, a reinsurance company based in Bahrain achieved gross written premium of $452.6 million during the financial year 2014, as against $398 million in the previous year, marking a growth of 13.7 per cent.

The Group’s profits remained resilient at $15.4 million, a statement said.

This represents a fall of 14.4 per cent 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 $14.1 million (2013: $7.4 million) and total shareholders’ equity rose year-on-year to reach $385.2 million (2013: $298.4 million).

Fadi AbuNahl, CEO of Trust Re, said: “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. ”

“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,” AbuNahl added. – TradeArabia News Service