Gallagher has launched a new business in the Dubai International Finance Centre (DIFC) to support clients across the Middle East and Africa with their specialty and facultative reinsurance solutions.
The business will be the rebranded ACE Re, which is now owned by Gallagher (51%) and MIG Group (49%). According to Gallagher, the ACE Re (DIFC) team and clients will move into the new business and trade as Gallagher going forward.
The new business is being headed up by Nadim Semaan, who has been appointed as senior executive officer, subject to regulatory approval. Semaan has been a partner in Gallagher’s UK based global energy team for the last four years with responsibility for supporting existing clients and developing new business in MEA.
Semaan said: “I am delighted to be taking the helm of our operations in the MEA area. Having grown up and been educated in the region, as well as having led Gallagher’s UK energy practice in MEA, I am very familiar with the challenges and opportunities for businesses operating in the region. The launch of our business in the DIFC is a key milestone in Gallagher’s continued growth story and the opening of an on-the-ground presence demonstrates the excellent opportunities we see.”
“Having a Gallagher specialty and facultative reinsurance team being based in the region really opens up the availability of insurance options for regional and multinational clients, and I am extremely pleased with the level of talent we have already recruited, all of whom will play an important role in our growth journey,” added Semaan.
Other senior members of the newly established team include: Julian Samengo-Turner who has joined from Willis Limited DIFC as head of Middle East & Africa; Daniel Miller who has joined from AON as divisional director of financial lines; Alastair Climie who has joined from WTW as director of natural resources; James Excell who will join as regional director for Sub-Saharan Africa from WTW, and Ziad Seifeddine who also joins from WTW as divisional director of specialty lines. Nick Peters and Bard Poulsson will move from Gallagher’s London based Specialty team to lead the marine practice and Elie Abboud of ACE Re will take on a new role as divisional director of business development.
Nagib Bahous, President and CEO of MIG Holdings Limited, said: “Our partnership with Gallagher goes from strength to strength. I am delighted that we have further cemented our relationship through this next step which sees Gallagher take a majority share in ACE Re, and the existing team and clients become part of the new Gallagher buiness. We look forward to working with the wider team in Gallagher to continue to expand the services we offer to our clients across the region.”
Vyvienne Wade, Chairperson of Gallagher Global Broking in Europe, Middle East, & Asia, added: “We continue to invest in our EMEA presence, and the launch of our business in DIFC will supercharge our MEA offering. Nadim, the existing ACE Re team and our new joiners all have in-depth knowledge of the specialty and facultative insurance market and make a truly talented team together with the treaty team we acquired from Willis Re last year.”
