Asta-backed Arma Underwriting begins operations in Dubai
Asta, the Lloyd’s third party managing agent and specialist MGA investor, has announced that Dubai-based Arma Underwriting has received full approval from all regulators and commenced operations in May.
In February, Asta announced revealed its investment in the Dubai MGA. Asta had stated that it will take a minority equity stake in Arma and will support the company's infrastructure including finance and IT.
Asta-backed Arma is an approved Lloyd’s coverholder that writes multi-line re/insurance business backed by A+ rated Lloyd’s security.
The company said that Arma intends to develop close relationships with brokers and cedants in Middle East and Africa markets, to target individual risks as well as portfolio-driven strategies. The initial business lines are property (including terrorism and jewellers’ block), liabilities, energy, personal accident and motor.
Arma has also appointed a team of experienced underwriters in the Middle East, who have all joined from some of the largest insurers in the region.
Michael Rafter, group CEO of Arma, said: "This is a new and innovative business model that offers more breadth of cover, more depth of capacity and more services than most in the region. We have bought together a team of highly-skilled experts in the region, who will work closely with brokers and cedants to provide a blend of insurance and reinsurance unlike anything else in the market."
The office in the Dubai International Finance Centre is led by Hajar Fadel as senior executive officer. They are joined on the board by respected former AIG president and former CEO of Oman Insurance Company, Patrick Choffel, with Asta’s CEO Julian Tighe and director of underwriting Simon Norton on the board to represent Asta’s investment interests in the business.
Tighe said: "We are confident that with the quality of the team that Michael has assembled at Arma is going to actively contribute to the continued development of reinsurance capability in the Middle East. Arma is unlike anything else in the Middle East market and will develop innovative strategies for local partners while introducing new premium to Lloyd’s. Asta is committed to supporting innovative MGAs like Arma as they develop new lines of business not currently seen by the market.”
Following ‘in principle’ approval from the Dubai Financial Services Authority (DFSA) on February 19, Arma has completed the final round of preparations, and the DFSA alongside Lloyd’s have authorised Arma to proceed.
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