Bermuda-based Flagstone Reinsurance Holdings Limited has been granted authorized status for its subsidiary, Flagstone Underwriters Middle East Limited (FUMEL), by the Dubai Financial Services Authority (DFSA) and will operate in the Dubai International Financial Centre (DIFC).
Irshied Tayeb, who joined Flagstone in July, has been named as FUMEL CEO. The new office will focus on regional property, property catastrophe and specialty line business in the region.
Flagstone Chairman Mark Byrne commented: “We are pleased to have completed the formalities to obtain a license for our new subsidiary. Irshied Tayeb will be seeking property and specialty lines business in the region which meets our parameters for data quality. The capacity offered is that of our Swiss subsidiary, Flagstone Reassurance Suisse SA, which benefits from a full parent company guarantee, and 3 credit ratings from major international agencies. We are grateful to the DFSA and DIFC for their efficient processing of our application, and we look forward to working with them for the future success of Flagstone and our MENA clients.”
Nasser Al Shaali, CEO of DIFC Authority commended Flagstone’s “cutting-edge technical excellence and industry expertise,” indicating that the Company’s new venture would bring “specialized expertise to the reinsurance sector at the DIFC.”
Source: Flagstone Re – www.flagstonere.bm
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