Saudi Arabia:Oil giant's captive unit posts strong underwriting gains

By MEIR team | 06 Dec 2022

Bermuda-based Stellar Insurance, an indirect wholly-owned captive insurer of Saudi Arabian Oil Company (Aramco), has reported strong operating results over the past five years, mainly driven by robust underwriting profits in the absence of large losses, as evidenced by a five-year (2017-2021) weighted average combined ratio of 14.6%, notes AM Best.

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