VOL. XLVI

No 10

10-March-2003

CAPITAL MARKETS

ARIG Cuts Losses To $36.8Mn In 2002

Arab Insurance Group (ARIG) has announced a loss for 2002 of $36.8mn, down from the loss of $88.3mn registered in 2001, but falling short of the target of breaking even for the year. Year 2002 results were negatively affected by the default of some of ARIGs reinsurance providers due to the events of 11 September 2001 and an overall depressed investment climate, the company said. However, it added that the results...