Bahrain domiciled reinsurer Trust Re has reaffirmed its commitment to the marketplace and has revealed that its parent company, Nest Investment Holdings Ltd., is to inject $130 million of replacement funds into the reinsurer in 2019.
Trust Re says that the $130 million capital injection from its parent is in light of the impact of regional geopolitics on economic conditions, and also the ongoing finalisation of Nest Investment Holdings’ 2017 and 2018 audited consolidated financial statements.
The Bahrain reinsurer states that since his appointment as Group Chief Executive Officer (CEO) in April of this year, Talal Al Zain has strengthened the firm’s senior management team. Furthermore, Trust Re says that it is in the process of completing its new corporate governance framework, which will restore its position of strength and drive it to its fullest potential.
“I would like to thank the Central Bank of Bahrain for their guidance and strong support during this time of extraordinary challenges. Trust Re has experienced the most testing period since its establishment in 1989, and Management has dealt with these challenges readily, while maintaining an open dialogue with its clients.
“On behalf of the senior management team, I would like to pay tribute to the support of our clients, stakeholders and to the commitment and dedication of the Trust Re Management and employees,” said Al Zain.
The company’s CEO also said that the firm has been profitable for the last decade and that its balance sheet and liquidity position remains very strong.
