Abu Dhabi Reinsurance Company (ADRe), a reinsurance service provider in the Abu Dhabi Global Markets platform, has announced the expansion of its product suite to include Commercial General Liability.
From what Reinsurance News understands, the addition of Commercial General Liability builds on ADRe’s existing lines of business, providing limits of up to US $10 million and backed by Lloyd’s A+ security.
For those who are unaware, ADRe provides reinsurance solutions to the GCC, Africa and Asia, primarily focusing on Energy, Property, and Marine lines of business.
Meanwhile, in September 2023, the organisation was granted Lloyd’s coverholder approval.
During this period, the company was granted a Financial Services Permission (FSP) as an insurance intermediary. As a result, ADRe became the first Managing General Agent (MGA) at Abu Dhabi Global Market (ADGM), the international financial centre of Abu Dhabi.
Commenting at the time, Andrew Sturdy, SEO, said: “Abu Dhabi Re is extremely proud to launch the first Reinsurance MGA on the ADGM platform. Entry could not be better timed for our skilled underwriting team led by CUO Tejal Bartlett in the best market climate for decades.”
Adding: “The Lloyd’s Brand is the most powerful and trusted in the World. Lloyd’s Latin moto ‘Fidentia’ and ‘Uberrima Fides’ means Confidence and Utmost Good Faith, for which it has been renowned for over 300 years. Abu Dhabi Re is extremely proud to have become a Cover Holder at Lloyd’s.”
Arvind Ramamurthy, Chief of Markets at ADGM, added: “ADGM is pleased to welcome Abu Dhabi Reinsurance Company to its growing community. As an international financial centre, ADGM endorses the development of a growing insurance market in the UAE and the wider region. Our pioneering regime supports a wide range of insurance-related business models including insurance intermediation and management that play a significant role in developing this market.”
Looking ahead, ADRe aims to expand its value proposition to meet the evolving needs of its business partners, on both a regional and global basis.
