Peak performance

The United Arab Emirates is a success story, however you tell it. A thriving economy has made it a global business hub capable of attracting multinationals, startups and investors from around the world. Innovative leadership has set it apart from its contemporaries as a forward-thinking nation with active investments in AI, clean energy and fintech. And its many high-value assets – from luxury developments to high-net-worth players – make insurance a must across the board.

One of the most comprehensive and respected providers of insurance across the United Arab Emirates is Union Insurance. Formed in 1998, the company has a long history of providing innovative, versatile and high-value insurance coverage to individuals, government entities and businesses of all sizes, a range befitting the financial melting pot of the United Arab Emirates.

And according to CEO Ramez Abou Zaid, being a trusted partner to the businesses of the United Arab Emirates is what Union Insurance is all about.

“By dealing with us, you’re in the safest hands,” he tells The CEO Magazine. “Our clients have confidence in the company’s leadership and management.”

A significant success

It’s a position Abou Zaid has only been able to adopt in the past few years. He joined the firm as a technical consultant to the board of directors in 2023, a time when Union Insurance was running at a loss.

“We were behind by approximately AED2.5 million [US$681,000],” he recalls. “But this year we announced a profit of AED38 million [US$10.4 million]. Union Insurance is the top performer in the sector in the United Arab Emirates, and I’m very proud of this significant success.”

The story of how it reached this enviable milestone is the story of Abou Zaid’s journey through the company.

“I’ve been in senior positions in the United Arab Emirates’ insurance sector for more than 30 years,” he explains.

“When I joined Union Insurance, the board was relatively new – about three or four years old. I could see the company definitely deserved to be put on the right track. It was a challenge, but I like challenges.”

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“In a region as dynamic and complex as ours, enduring partnerships are built on trust, shared vision and the ability to navigate volatility together. Our relationship with Union Insurance is a testament to that. It is rooted in collaboration, designed to deliver and always geared toward unlocking opportunity in uncertainty.” – Joe Asmar, Deputy CEO, Chedid Re Global Operations

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Together with Union Insurance’s board and shareholders, Abou Zaid set about making major strategic decisions to correct the course of the business.

“I was confident that my skills and leadership could turn things around. That we could divert from loss to profit in my first year as CEO was remarkable,” he enthuses.

Having established a firm foundation for future success, Abou Zaid has wasted no time preparing a five-year strategy.

“At the moment, we have a triple-B credit rating from Fitch,” he reveals. “I want that to change, and I believe we should be eligible for an A rating in the next three to five years, with a premium of over AED1 billion [US$272 million].

“We’ve become one of the top insurance companies in the United Arab Emirates, so such a result is possible. It would certainly reflect our position.”

Constant improvement

Despite Abou Zaid’s work to date in bringing Union Insurance to the top of its game, the CEO says there’s much more to be done.

“The improvements are ongoing, nonstop. Every day, there’s a new challenge to face, a new situation to deal with and decisions to be made. We have to be ready, and we have to stay ready, and a big part of my job is to make sure everybody is aligned to handle that,” he adds.

Abou Zaid’s years of leadership experience are a rich resource for Union Insurance. His approach to management has won accolades throughout the sector; in 2019, he cracked the top 10 CEOs of the Middle Eastern insurance sector at that year’s Top CEO Awards.

“The way I measure my success is through the results of my company,” he says. “Given the current state of Union Insurance – from the staff, the board, our partners and our capabilities – we truly deserve to be at the top of the insurance ladder in the United Arab Emirates.

“We’ve worked hard for that and will continue to work hard, and I’m confident more success is achievable.”

That success is a team effort, from internal stakeholders to the many partners that allow Union Insurance to offer a wide range of services and products to its customers, from health, property or even yacht insurance to liability security and engineering insurance.

“We maintain excellent relationships with our partners,” Abou Zaid says. “I’m in constant contact with other leaders and CEOs across the entire market, and the support of this network helps us to achieve our goals and ambitions.”

Insurance is a safety net for its customers and must be ready and able to provide assistance whenever disaster strikes. Abou Zaid says Union Insurance understands this very special responsibility and works as a whole to provide its clients with peace of mind.

“No-one knows when any kind of major loss event will take place. If your insurer lacks the ability and partners to provide for you, you’ll be in a very critical position,” he warns.

Key allies such as Swiss Re and SCOR bolster Union Insurance’s value in this regard.

“One of the keys to our success is choosing the right partner,” Abou Zaid explains. “We’ve seen companies in the market that are in extremely tenuous positions today because they didn’t select the right partner.”

The pace of its growth has come as a surprise to many within the industry, but Abou Zaid says ever since he joined Union Insurance, he’s known the business had the capability. Now, the market knows.

“Our clients understand that when they join hands with Union Insurance, we’ll enjoy success together,” he concludes.