Press releases, Reports & Disclosures for Union Insurance Company

Resolution No. 507 of 2024 addresses the temporary suspension of trading for Union Insurance Company shares on the Abu Dhabi Securities Exchange (ADX). The suspension is due to a Board of Directors meeting scheduled for November 12, 2024, at 10:00 AM, which coincides with the trading session. Trading will resume once ADX receives the meeting results. All ADX department heads are instructed to implement this resolution, and it will be communicated to the Securities and Commodities Authority, the concerned company, all ADX departments, and accredited brokers. The resolution was approved by an authorized person and issued on November 7, 2024.

Fitch Ratings has assigned Union Insurance Company in the UAE a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a Positive Outlook. This outlook indicates potential improvements in financial performance due to management actions aimed at enhancing the profitability of the company's underwriting. The rating reflects Union's strong capitalization, good company profile, and strong reinsurance protection. Union's CEO, Ramez Abou Zaid, expressed satisfaction with the rating, highlighting it as a recognition of the company's business resilience and growth strategy. He emphasized the company's commitment to improving financial performance and insurance offerings to achieve a higher rating in the future.