StarStone, the specialty insurer and subsidiary of Bermuda-based Enstar Group, has entered into a joint venture partnership with Malakite Underwriting Partners, a managing general agent (MGA), in Dubai as it targets growth in the MENA region.
Malakite will be led by former Swiss Re executive Giles Hussey, who has joined the venture as managing partner. Hussey served as the head of MENA at Swiss Re Corporate Solutions. Prior to that, he was the CEO, Middle East & Asia at Lancashire Insurance following a broking career with JLT and Marsh.
StarStone's CEO Tim Fillingham and global head of marine Simon Schnorr will join the board of Malakite, assuming the additional roles of chairman and director, respectively.
Under Hussey's leadership, Malakite will target specialty business in the MENA region and initially offer flexible multi-class insurance for energy, marine and property terrorism risks.
Following the partnership, Lloyd’s Syndicate 1301, which is managed by StarStone Underwriting, will be Malakite’s lead capacity provider with the remainder supplied by other participating Lloyd’s syndicates.
Fillingham said: “The competitive market has created a dynamic environment for flexible carriers with the ambition and expertise to build new businesses. With a MENA presence in Malakite, StarStone and its partners can swiftly deploy their capabilities across key growth markets while at the same time move closer to clients.
“Having the right people in place breeds success and Giles, with his impressive track-record and insurance acumen, brings local connections that will be instrumental in developing this new venture.”
Hussey added: “Giving clients access to flexible capacity, specialty expertise and locally-relevant solutions is a founding principle of Malakite. This, combined with the operational capability and financial strength of Lloyd’s, will provide clients in the region with the very best the market has to offer.”
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StarStone, Enstar Group, MGA, Malakite Underwriting Partners, Giles Hussey, MENA Region