Trust Re, a reinsurance company based in Bahrain, reported profits of $ 8.7 million during the first quarter (Q1) of the year, up 10.1 per cent year-on-year from $ 7.9 million achieved in Q1 2014.

Gross Written Premium reached $204.5 million, representing a rise of 4.9 per cent compared to twelve months ago.

Net underwriting profit increased by 4.4 per cent year on year to reach $4.7 million (Q1 2014: $4.5 million) driven by top line growth and a marginally improved combined ratio.

The net non-technical income contributed 3.2 million, as against $2.8 million in Q1 2014.

Fadi AbuNahl, CEO, said: “In spite of a continuously challenging reinsurance market place and low  interest rates environment, Trust Re produced a solid set of results for Q1 2015 which demonstrates the resilience of its business model. We remain cautiously optimistic for the full year outcome.” – TradeArabia News Service