Lloyd’s third-party managing agent and specialist MGA investor, Asta, announced today that it’s set to expand into Middle Eastern and African markets with the opening of Dubai-based Arma Underwriting, last month, after being given the greenlight by regulators.
As the approved Lloyd’s-backed Dubai coverholder, Arma Underwriting’s aim is to develop close relations with brokers and cedants throughout the region, with strategies to write multi-line insurance and reinsurance targeting individual and portfolio-driven businesses.
The initial lines of cover the Dubai arm offers include; property, including Terrorism and Jewellers’ block, Liabilities, Energy, Personal Accident and Motor.
Asta backed Arma with capital to get to launch, taking an equity stake and also assisting by letting the start-up use its infrastructure for finance and IT.
Arma boasts having kicked off operations with experienced underwriters in the Middle East who have joined from some of the region’s largest insurers, Michael Rafter, Group CEO of Arma, said; “This is a new and innovative business model that offers more breadth of cover, more depth of capacity and more services than most in the region.
“We have bought together a team of highly-skilled experts in the region, who will work closely with brokers and cedants to provide a blend of insurance and reinsurance unlike anything else in the market.”
Hajar Fadel will head up the Dubai International Finance Centre based office as Senior Executive Officer.
Former AIG president and former CEO of Oman Insurance Company, Patrick Choffel, and Asta’s CEO Julian Tighe and Director of Underwriting Simon Norton have been appointed to Asta’s board.
Tighe commented; “We are confident that with the quality of the team that Michael has assembled at Arma is going to actively contribute to the continued development of reinsurance capability in the Middle East.
“Arma is unlike anything else in the Middle East market and will develop innovative strategies for local partners while introducing new premium to Lloyd’s. Asta is committed to supporting innovative MGAs like Arma as they develop new lines of business not currently seen by the market.”
