Kuwait Reinsurance Company K.S.C.P. (Kuwait Re) has announced the promotion of Abhijeet Kumar and Siddiqui Ahmad Faizan to the position of Senior Underwriters in the Energy department.
Kuwait Re has praised Kumar’s and Faizan’s skills and experience, stating that their exceptional performance and in-depth knowledge will continue to contribute significantly to the company’s success.
Faizan joined Kuwait Re as an Energy Underwriter in 2019 before being appointed to his new role following over three years with the company.
Prior to that, he was a Property Underwriter for The Company for Cooperative Insurance (Tawuniya), a Saudi Joint Stock Company established in Riyadh, where he served for almost three years.
Before Tawuniya he spent more than three years at ICICI Lombard with the Underwriting & Claims team, and over two years with the Engineer-Erection and Commissioning team at Abhijeet Projects Limited.
Kumar and Faizan start their new roles following a successful 2022 for Kuwait Re. The company recently reported a net profit of $26.03 million for the year 2022, a 25% increase compared to $20.85 million in the previous year.
The company’s underwriting results also improved by 20% during this time, ending the year at $25.28 million. This was on a combined ratio of 92.8%, down 1.4 percentage points from the 94.2% reported in 2021.
Additionally, Kuwait Re’s gross written premiums for 2022 amounted to $242.45 million, again showing a 3% increase from the $236.45 million reported in the prior year period.
