Trust Re subsidiary, Trust Insurance Management (TIM) was approved as a Lloyd’s of London coverholder, last week.
This allows Trust Insurance Management to write business in the 200+ countries in which Lloyd’s operates, both on an insurance and reinsurance basis.
Coverholder status is given to an entity when it is authorised by a Lloyd’s managing agent to enter into contracts of insurance and/or issue insurance documentation on behalf of a syndicate at Lloyd’s.
The approval process requires an extensive examination of the company’s underwriting capabilities, processes, systems and procedures. As an approved Lloyd’s Coverholder, Trust Insurance Management is entrusted with binding and claims payment authority on facilities it places in the Lloyd’s market.
As Trust Insurance Management is writing on behalf of Lloyd’s syndicates, the capital is rated A+ (Strong) by Standard &Poor’s, A (Excellent) by AM Best, AA- (Very Strong) by Fitch and is backed by the Lloyd’s central fund.
Trust Insurance Management has also entered into an agreement with Novae Syndicate 2007 at Lloyd’s to be able to write Property, Energy, Liability and Political Violence business, with a view to developing other lines of business in the future.
Kamal Tabaja, Chief Executive Officer of TIM, said “On behalf of Trust Insurance Management, we are confident that the value-added services offered, combined with established expertise from both Trust Re and our underwriting partners, provides us with a firm base for the starting point of this new Managing General Agent (MGA).”
Trust Insurance Management is an insurance manager regulated by the Central Bank of Bahrain. As a subsidiary of Trust Re, Trust Insurance Management has full access to the underwriting expertise and reputation of Trust Re.
Trust Re, headquartered in Bahrain, has branches in Malaysia and Cyprus, as well as a representative office in Morocco and a liaison office in India. It writes both life and non-life business on a Facultative & Treaty basis.
The company has recently released its financial results for 2015 that showed a whopping 100 percent increase in profits, attributed to a very strong non-technical income, particularly a one-off realised gain on the sale of shares during the first half of the year.