Trust Re boosts capital to $500m as it ponders growth and acquisitions

Trust Re has increased its authorised capital to $500 million from $200 million and its issued and paid-up capital to $250 million from $200 million.

The reinsurer, based in the Kingdom of Bahrain, said the increase will support the company’s growth ambitions over the next business planning horizon.

Fadi AbuNahl, the chief executive officer of Trust Re, said: “Consistent with the company’s strategic planning and risk tolerance, the capital increase will sustain our ability to fulfil our future, competitive objectives and reach our vision of further expanding our operations by means of acquisition or establishing a physical presence in countries where we are already active.

“It is always our aim to pursue diversified growth and expand our service offering to clients; ensuring their security is a mainstay of our strategy.”

Trust Re’s gross written premiums were $374.3 million in the third quarter of 2016 compared with $384.2 million in the equivalent period 12 months earlier.