Dubai, UAE: Fitch Ratings has assigned UAE-based Union Insurance Company (P.J.S.C.) (Union) 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 Union's underwriting book. The rating reflects the insurer's strong capitalisation, good company profile and strong reinsurance protection.

Ramez Abou Zaid, Chief Executive Officer, Union Insurance company said: “We are pleased that we received our first rating from Fitch, one of the international reputable credit rating agencies. This significant milestone recognises our business resilience and sustainable growth strategy.”

“The rating further reinforces our position as a trusted insurance partner and demonstrates our ability to fulfill our promise of providing secure and reliable coverage to our customers.”

“We are committed to further improving our financial performance and insurance offerings to achieve a higher rating in the near future,” he added.

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About Union Insurance Company

Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company is regulated by the UAE Central Bank and has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and wider Middle East.

For further information, please contact Riham Osama or Norman Barakat at  email:
riham.o@unioninsurance.ae or norman.b@unioninsurance.ae
Or please refer to www.fitchratings.com