SALAMA REPORTS 2012 LOSS AFTER THAI FLOODS

Dubai-based Salama Islamic Arab Insurance Co is to pass on its dividend for 2012 after reporting a loss of AED394m ($107m) for the year, down from a gain of AED60m in 2011. Salama said that its losses were linked to claims filed with Best Re, in which Salama owns a stake, after the late 2011 floods in Thailand. Salama's stock price declined by 8% on the Dubai exchange after releasing the news.