Mr. Gamal Hamza
Head of Business Development - Trust Re




1. What is your outlook on the state of the regional economy? When will we start to see recovery?

As far as our perception goes, we feel that the general outlook for the regional economies seems to be fair. As with any country, or set of countries, we were affected negatively, and the financial services sector did experience a short spell of contraction. However, despite the fact that the global economy was recessing, the GCC was kept relatively sheltered and continues to be. On the other hand however, we feel that the local economies have already begun picking up slowly with signs of investments increasing as well as certain economies stating 3rd quarter growth in 2009, which we hope will continue successfully through 2010. The recovery, in our opinion will follow a similar timeline to that of the global economy.

2. What is your outlook on the Bahrain insurance market, and the new compulsory medical insurance law proposed?

Economically, Bahrain has not been witness to such a high degree of recession and the insurance market follows the same style. However we did experience a slight tightening of premium rates earlier in the year which we are already seeing the “light at the end of the tunnel”. We would conclude that the Bahraini market is considered stable. From a medical perspective, we feel that given the smaller size of Bahrain relative to some of our neighboring countries and economies, we will follow a similar path to that of the Saudi Arabian medical market (but on a comparatively limited basis). This particular aspect of the industry will have a great boost as well as offering more safety for the residents of the country, both local and expatriated.

3. What have been the key highlights for your company during 2009?

2009 was considered a good year for us for the following reasons:
• We saw our rating increased from a BBB stable to a BBB+ by Standard and Poors as well as the reaffirmation of our A- rating by AM Best.
• We project a 20% growth over 2008 both on the top line production without compromising the bottom line
• The inclusion and beginnings of the implementation of Enterprise Risk Management
• We have seen a stable growth in our investment portfolio, this was a true highlight given the levels of corporations reporting losses.
• We took a substantial role in sponsoring the FAIR conference in Kuala Lumpur and continue to strengthen our relationships with all clients and affiliates alike

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