Re/insurer Catlin Group has established Catlin Middle East in the Dubai International Financial Centre (DIFC).
The new unit will offer facultative reinsurance to insurers in the Gulf Cooperation Council (GCC) countries, Africa and parts of South Asia.
The launch follows Catlin Middle East being granted a category 4 licence by the Dubai Financial Services Authority (DFSA) to operate as a Lloyd’s coverholder on May 7, 2014.
It will underwrite on behalf of Catlin Syndicate 2003, the largest in the Lloyd’s market in terms of premium volume.
Dalip Verma, a veteran with 37 years of experience in the general insurance business, will lead the operation. Prior to joining Catlin in June 2013, Verma worked in senior executive positions in India, Australia, the UK and Dubai.
Catlin Middle East is the tenth office within the Catlin Group’s Asia-Pacific underwriting hub and will be staffed with three underwriters, one underwriting assistant and one personal assistant by September 2014.
Mark Newman, chief executive officer of Catlin Asia-Pacific, said: "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."
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Catlin, MENA, Dubai International Financial Centre, Dalip Verma