Union Insurance Appoints Ramez Abou Zaid as Chief Executive Officer

Union Insurance Appoints Ramez Abou Zaid as Chief Executive Officer

Seasoned Insurance Professional with over three decades of experience

(Dubai, UAE- February 16, 2024) Union Insurance Company (PJSC), a leading provider of innovative customer-focused insurance solutions to individuals and corporations in the region, is pleased to announce the appointment of Mr. Ramez Abou Zaid as its new Chief Executive Officer effective February 15, 2024 to drive the company’s strategic growth.

Mr. Ramez, a seasoned insurance professional, joined Union Insurance in July 2023 as a Board Member and was subsequently appointed as the Acting Chief Executive Officer on December 1, 2023. He brings over three decades of rich insurance experience.

Mr. Ramez Abou Zaid said, “I am honored and excited to be appointed as the CEO of Union Insurance. Together with the company’s qualified and dynamic team, I am confident of delivering on our strategic objectives and capitalising on new opportunities. I look forward to achieving significant milestones in the company’s growth journey.”

His expertise will be instrumental in driving transformational change and building a stronger Union Insurance team. He is a great advocate to accelerating digitalisation, elevating customer experience and diversifying insurance business.

AM Best has recently revised Union Insurance’s outlook to stable which reflects improvements in Union’s regulatory solvency position. The Credit Ratings (ratings) reflect Union's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance and marginal enterprise risk management.

Prior to joining Union Insurance, Mr. Ramez assumed leadership roles at several insurance companies. He had a remarkable journey at Dubai National Insurance and Reinsurance Company PSC that spanned a period of over 25 years.

He was a Board Member in Emirates Insurance Association, Member of High Technical Committee and Chairman of both Motor and Legal Committees.

Mr Ramez Abou Zaid has been recognised for his valuable contribution to the industry and received several accolades.  He was named one of the Top 10 CEOs in the Gulf and MENA region in 2018 and 2019. He also won an award from the Insurance Authority for his Personal Achievements in developing the insurance industry in 2020 and was honored by Dubai Chamber of Commerce for his contribution in drafting the new insurance law in the UAE.

He holds a bachelor’s degree in law and was registered as an Authorised Arbitrator in Sharjah International Commercial Arbitration Center.

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About Union Insurance Company

Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company is regulated by the UAE Central Bank and has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and wider Middle East.