Trust International Insurance and Reinsurance Company (Trust Re), announced an increase in its paid up capital, from $100 million to $ 40 million, and an increase in its authorised capital to $200 million. The move will help Trust Re to develop new profitable growth opportunities, both regionally and internationally.
Trust Re has a near 200-strong workforce, 180 staff is in its Bahrain Head Office and the rest spread out in Branch Offices in Cyprus and Labuan, Malaysia.
“Our selection of Bahrain as the hub of our organisation is in view of three factors; firstly its location, between Africa and Asia, two continents where we conduct much of our business. Secondly, historically the Kingdom of Bahrain has always been the financial hub for the Middle East, especially the Gulf States. Finally, Bahrain has a well-developed local workforce,” Kamel Abunahl, non-executive Chairman, said.
He added that the company was proud of its base in Bahrain and Trust Re look forward to celebrate its 25th anniversary in the Kingdom, next year.
“The capital increase, which is in line with the Company’s strategic direction and risk appetite will support the Company’s future expansion plans, allowing it to continue growing profitably in its areas of operation and providing optimum service to its clients,” Trust Re CEO, Fadi AbuNahl said.
He applauded the support received from the Central Bank of Bahrain (CBB) by the company. “The CBB has assisted us in establishing a base from which to build in the 24 years since our establishment.”
“The Kingdom of Bahrain has supported our initiatives as a whole and paved the way for us to move closer towards our vision to be Reinsurer of Choice,” Romel Tabaja, Deputy CEO added.
The capital increase will underpin the future growth of the company, and comes as a result of sound business planning and strategic direction. The capital planning of the company over the next three years was carefully assessed along with Trust Re’s desire to always maintain excellent security for its clients.
Moreover the company’s Risk Committee recommended the timing of capital payments in line with internal capital model projections.
“During difficult times, when other reinsurers are to recapitalise due to heavy losses, it is refreshing that we have the opportunity to use this fresh capital to develop new profitable growth opportunities,” Kamel Abunahl, said.