Dubai-based reinsurance brokerage expands to US, targeting LatAm & Caribbean
A boutique reinsurance brokerage and underwriting management agency in Dubai International Financial Centre (DIFC) has established a wholly owned subsidiary in the US with the aim of expanding its facultative and treaty reinsurance placement services to Latin America and the Caribbean countries.
Kay International AMEA has received regulatory approval from the Florida Department of Financial Services to operate as a reinsurance underwriting agency and reinsurance intermediary from its new office in Miami, Florida.
The new US subsidiary mimics the hybrid reinsurance services model that the company practices in the DIFC, United Arab Emirates.
Walid Sidani (pictured), founding member and group CEO of Kay, said: “We have observed attractive parallels between the LatAm and Caribbean markets and the MENA region - both emerging markets are moving forward with major development and infrastructural projects - this is occurring at a time that the insurance penetration rates, although still low but increasing. This offers us the opportunity to trade and offer quality risk capacity to ensure effective risk transfer in promising emerging markets.”
He added: “Equally strategic for Kay International AMEA Limited is that the company now operates from two significant and global reinsurance hubs (Dubai and Miami), which facilitate International financial trade within robust and regulated business environments. We are proud to play a part in building a reinsurance risk transfer bridge between two highly reputed financial and reinsurance hubs.”
