UAE's Green Crescent premiums rise

(MENAFN- Khaleej Times) Green Crescent Insurance Company PJSC has announced its second quarter financials, showing an increase of 18 per cent in its gross written premiums. The gross written premiums in the second quarter totalled Dh33.3 million, an 18 per cent increase over the 28.3 million in the first quarter, said a Press release. For the first six months of the fiscal year, gross written premiums totalled Dh61.6 million. The net loss for the second quarter was Dh3.5 million compared to Dh1.9 million the previous quarter. More than three quarters of the increase in loss was the result of a one-time adjustment in recording re-insurance costs compared to the first quarter. According to Carl J. Sardegna, CEO of Green Crescent, "We are very pleased with the rate of growth which places us in a good position to reach our goal of Dh100 million for the year."