Specialty property/casualty re/insurer Catlin Group Ltd has established Catlin Middle East Ltd in the Dubai International Financial Centre (DIFC). The move follows Catlin Middle East being granted a Category 4 licence by the Dubai Financial Services Authority on May 7, allowing it to operate as a Lloyd's coverholder. Catlin Middle East will underwrite on behalf of Catlin Syndicate 2003
Catlin Middle East is offering facultative reinsurance to insurers in the Gulf Cooperation Council (GCC) countries, Africa and parts of South Asia. It is headed by Dalip Verma, who joined Catlin in June last year. The aim is to have the new company staffed with three underwriters, one underwriting assistant, and one personal assistant, by September 2014.
As an authorised entity in the DIFC, Catlin Middle East can provide insurance intermediation and insurance management.
Catlin Middle East is the 10th office within Catlin Group’s Asia-Pacific underwriting hub. It is fully supported by Catlin staff in Singapore.
Catlin Asia Pacific chief executive Mark Newman said that "the establishment of Catlin Middle East parallels Catlin’s diversification strategy to build a distinctive and efficient international structure".