Insurance broker Gallagher has launched a new business in the Dubai International Financial Centre (DIFC) to support clients across the Middle East and Africa with its specialty and facultative reinsurance solutions.
The business will benefit from Gallagher and MIG Group’s strategic partnership in ACE Gallagher across the Middle East region. Gallagher has taken a majority share of 51% of ACE Re Ltd. (DIFC) and MIG Group is retaining the remaining 49% stake. The ACE Re (DIFC) team and clients will move into the new business and trade as Gallagher going forward.
The ACE Re (DIFC) clients will deal with the same brokers who know and understand their business with the added benefit of being able to access Gallagher’s global scale, said Gallagher in a statement.
Gallagher already has a significant client base in MEA and the creation of a specialty offering locally enables the firm to further expand and maximize the growth opportunities available in the region. A team of more than 20 has been established with in-depth knowledge of specialty and facultative reinsurance across sectors including natural resources, property, financial Institutions, special risks, aerospace, marine, cyber, and construction.
The new business is led by Nadim Semaan, who has been appointed senior executive officer, subject to regulatory approval. Semaan has extensive local experience in the region having 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.
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. Elie Abboud of ACE Re will take on a new role as divisional director of business development.
The business complements Gallagher’s partnership with ACE Gallagher in the region, announced in April 2021. ACE Gallagher is a well-known and long-established insurance /reinsurance broker with operations in Saudi Arabia, Bahrain, United Arab Emirates, Oman, Kuwait and Lebanon serving clients across the region.
Gallagher’s acquisition of Willis Re in December included a treaty reinsurance team of 10 in the DIFC, and they will be based with the Gallagher team. The treaty team will continue to be led by Chems-Eddine Kassali as head of MENA and will be part of the Gallagher Re global business.
Source: Gallagher
Topics New Markets A.J. Gallagher
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