Specialty MGA firm Optio Group says that it is going to establish an MGA and reinsurance broker in Dubai, subject to approval from the UAE authorities.
The firm said that it expects both businesses to be operational from the beginning of next year, with an initial focus on A&H. Drawing on the wider Group’s specialty expertise, Optio also intends to make PVT, Marine War, K&R, and Financial Lines available in the region in due course.
Matthew Fosh, executive chairman, Optio group said: “The launch of Optio Dubai marks a significant step in our geographic expansion. Both Dr. Ahmed and Moayyad are experienced, highly regarded industry figures who will be outstanding additions to our business. With clients already in the UAE, our physical presence gives us the opportunity to expand our service offering over more products and businesses across the region.”
Optio has so far made two senior appointments to lead the new venture: Dr. Ahmed Ramadan will join as chief executive officer and Moayyad Abu Hayyeh as chief underwriting officer, A&H, and they will report to David Robinson, managing director. Both join from Besso Re Middle East where they served as managing director and CUO respectively.
Robinson was appointed to his role earlier this year, joining the firm from The Hartford. It was at the time of Robinson’s appointment that Fosh indicated that the hire was part of a plan for the firm to expand.
Ramadan’s LinkedIn profile indicates that he has been at Besso Re for over three-and-a-half years, working his way up from chief underwriting officer to managing director. He has also held roles at Takaful Emarat-Insurnace, MetLife, Delta Insurance, and Allianz Group.
Hayyeh, also coming from Besso Re where he is a senior underwriting manager, is moving after only four months in his previous position. Also having served a role at Takaful Emarat-Insurance as a supervisor between 2016 and 2018, he has also worked at Arabia Insurance Company and MetLife.
