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Category: Insurance World

As well as to congratulate its board members on the Company’s strong S&P rating, Seib Insurance & Reinsurance Company LLC (SEIB), held its latest Board Meeting on November 15th, to announce SEIB’s outstanding achievements and financial results in 2016 and approve the Company’s 2017 Plans. The meeting was chaired by HE Sheikh Jabor Bin Yusef Bin Jassim Al Thani in the presence of SEIB’s CEO and Executive Board Member Mr. Farid Chedid and the rest of the esteemed board members.

 

During the meeting, SEIB’s Board of Directors discussed the Company’s financials, how to maintain its profitability and growth amid the current regional economic situation and global developments, as well as deliberated over SEIB’s plans for the new year, in light of the recent speech of HH the Emir Sheikh Tamim bin Hamad Al Thani at the Advisory Council, the new Human Resource law and the upcoming changes in legislations.

HE Sheikh Jabor Bin Yusef Bin Jassim Al Thani, Chairman of the Board of Directors, said:

“Our board meeting was the perfect occasion to honor our board members, whose sound policies, vision and smart decisions were integral to the success that SEIB has achieved over the years and the remarkable performance of our company in 2016. Along with the integrity and professionalism of our staff and their faithful commitment to our value creation process, the board’s directives has helped SEIB achieve a 20% Average Annual Growth in gross written premiums over the past 3 years. The meeting was also an opportunity to reflect on His Highness the Emir’s latest speech at the Advisory Council and contemplate SEIB’s direction in 2017 onwards. The discussion has been extremely insightful and we look forward to continuing our streak of accomplishments in the upcoming year”.

To ensure SEIB continues to achieve its sustainable growth objectives in 2017 and beyond, the board urged the Firm to be vigilant of the market conditions.

Elaborating on the Company’s financial position, growth strategy and future plans, Mr. Farid Chedid, SEIB’s CEO and Executive Board Member, said:

“In spite of the challenging economic conditions in the region and around the world, SEIB is well on track in terms of its financial figures, key performance indicators and its capacity to achieve future growth and expansion plans in line with Qatar’s National Vision 2030. 2016 marked another successful year for our Company, which was proudly translated into a BBB Global and gcAA Regional rating from Standard & Poor’s with strong capital adequacy in excess of S&P AAA requirements which reflects S&P’s view that SEIB will continue to grow profitably in Qatar while supporting its extremely strong capital adequacy. This was the result of SEIB’s clear vision, solid strategy, the Board of Directors’ input and a flawless execution by our skilled, talented staff. Our latest board meeting was set to build on our remarkable achievements over the years and plan the steps ahead in order to achieve our goals, raise the standards in the Qatari market and create an even more profound impact on the lives of customers in the country.”

As a National Insurance Company authorized by the Qatar Financial Center Regulatory Authority, SEIB’s strong capital base, seamless processes and rapid growth allowed the company to focus on offering customers across the region and the world, a wide range of corporate and retail insurance solutions that are tailored to meet specific and ever-changing risk exposures.

The Company’s relentless efforts, customer-centric approach, and innovations over the years, have culminated in a number of sought-after awards, including being named “Insurance Company of the Year” by the Arabian Business Award in 2014, as well as garnering the Insurance Innovation Award at the 2015 Qatar Enterprise Agility Awards.

SEIB’s corporate insurance solutions include property and first party assets, engineering and construction, energy, marine, financial lines, casualty, motor fleet insurance, aviation hull and liability, travel, and group medical insurance solutions, while its retail insurance products and services include, motor, homeowners’, pleasure boats, personal accident, local and international medical, and travel insurance solutions.

 

Source: Grey Doha