Catlin Group has announced itself as the next insurer to set up office in the Dubai International Financial Centre (DIFC).
Catlin Middle East offers facultative reinsurance to insurers in the GCC countries, Africa and parts of South Asia.
The company was granted a Category 4 licence by the Dubai Financial Services Authority (DFSA) to operate as a Lloyd’s cover holder on 7th May 2014. As an authorised entity in the DIFC, Catlin Middle East can provide insurance intermediation and insurance management.
Catlin Middle East will underwrite on behalf of Catlin Syndicate 2003, the largest in the Lloyd’s market in terms of premium volume. It is the tenth office within the Catlin Group’s Asia-Pacific underwriting hub and is fully supported by Catlin staff in Singapore.
Heading the new operation is Dalip Verma, a veteran with 37 years of experience in the general insurance business. Prior to joining Catlin in June 2013, Verma worked in senior executive positions in India, Australia, the UK and Dubai.
The office will be staffed with three underwriters, one underwriting assistant and one personal assistant by September 2014.
Mark Newman, CEO of Catlin Asia-Pacific, says:
"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."
Catlin, Middle East, DIFC, Dubai, insurance, reinsurance, GCC, Dalip Verma, Catlin Syndicate 2003