UAE: Fitch assigns Union Insurance 'BBB' IFS rating
Source: Middle East Insurance Review | Nov 2024
Fitch Ratings has assigned UAE-based Union Insurance Company a first-time insurer financial strength (IFS) rating of ‘BBB’ with a positive outlook.
The positive outlook reflects potential improvement in financial performance following management actions to improve the profitability of the company’s underwriting book. The rating reflects the insurer’s strong capitalisation, good company profile and strong reinsurance protection.
“We are pleased that we received our first rating from Fitch, one of the internationally reputable credit rating agencies. This significant milestone recognises our business resilience and sustainable growth strategy,” Union Insurance CEO Ramez Abou Zaid said. M