Beazley opens Dubai office

Specialist insurer Beazley has opened an office in the Dubai International Financial Centre (DIFC) to underwrite political risk, trade credit, terrorism, political violence, and contingency insurance.

The office will be led by Crispin Hodges, who joined Beazley in 2008. During his time at Beazley, he has set up Beazley’s PCG unit in Singapore and Beazley’s French PCG business.

Beazley Middle East has authority to enter into contracts of insurance on behalf of Beazley Syndicates 623 and 2623 at Lloyd's which will reinsure local ceding insurers.

Adrian Lewers, Beazley's global head of political risks and contingency, said: "The Middle East possesses tremendous potential. Not only is it a region of healthy economic growth but much of this growth tends to be re-invested domestically - which in turn is driving increasing demand for insurance in the region.

“Having a presence on the ground will allow us to target markets across both the Middle East and North Africa, and deliver locally the highly specialised underwriting for which we are known in London. This is an extension of the strategy which has seen Beazley establish specialist underwriting hubs in Singapore, Australia and Hong Kong."

Crispin Hodges added: "We are delighted to be amongst the first Lloyd's businesses to put specialist underwriters on the ground in the DIFC. Political risk, political violence and trade credit insurance, as well as the other lines of business we are offering, are crucial to helping businesses protect their investments as they bring further economic development into the region, and other territories including Morocco, Algeria, Libya and Egypt. Understanding the local environment will enable us to work with brokers and insureds to offer the protection they need."