Catlin Group Limited has announced the establishment of Catlin Middle East Limited in the Dubai International Financial Centre (DIFC). Catlin Middle East “offers facultative reinsurance to insurers in the Gulf Cooperation Council (GCC) countries, Africa and parts of South Asia,” said the announcement.
Catlin said its Middle East branch “was granted a Category 4 license by the Dubai Financial Services Authority (DFSA) to operate as a Lloyd’s coverholder on 7 May 2014. As an authorized entity in the DIFC, Catlin Middle East can provide insurance intermediation and insurance management.
“Catlin Middle East will underwrite on behalf of Catlin Syndicate 2003, the largest in the Lloyd’s market in terms of premium volume. Catlin Middle East is the tenth office within the Catlin Group’s Asia-Pacific underwriting hub and is fully supported by Catlin staff in Singapore.”
Dalip Verma, a veteran with 37 years of experience in the general insurance business, will head the new facility. Prior to joining Catlin in June 2013, he worked in senior executive positions in India, Australia, the UK and Dubai. Catlin Middle East will be staffed with three underwriters, one underwriting assistant and one personal assistant by September 2014.
Mark Newman, CEO of Catlin Asia-Pacific, commented: “The establishment of Catlin Middle East parallels Catlin’s diversification strategy to build a distinctive and efficient international structure. Our expanded geographical footprint enables us to better take advantage of opportunities, increase awareness of the Catlin brand and work more closely with brokers and their clients.”
Source: Catlin Group