Gallagher has announced the launch of a new business in the Dubai International Financial Centre (DIFC) to support clients across the Middle East and Africa with specialty and facultative reinsurance.
Gallagher has taken a majority share (51%) of ACE Re Ltd, a DIFC-registered insurance company, with MIG Group retaining the remaining 49%. ACE Re will trade as Gallagher moving forward, and ACE Re clients will continue to deal with the same brokers who handled their business – with the added benefit of access to Gallagher’s global scale and offering.
Nadim Semaan heads the new business as the newly appointed senior executive officer, subject to regulatory approval. He has extensive local experience in the region and has been a partner in Gallagher’s UK-based global energy team for the last four years.
“Having grown up and been educated in the region, as well as having led Gallagher’s UK energy practice in MEA, I am very familiar with the challenges and opportunities for businesses operating in the region,” Semaan said. “The launch of our business in the DIFC is a key milestone in Gallagher’s continued growth story and the opening of an on-the-ground presence demonstrates the excellent opportunities we see. Having a Gallagher specialty and facultative reinsurance team being based in the region really opens up the availability of insurance options for regional and multinational clients, and I am extremely pleased with the level of talent we have already recruited, all of whom will play an important role in our growth journey.”
Gallagher already has a significant client base in the Middle East. The firm expects the creation of a specialty offering to maximise its growth opportunities in the region.
Although still growing, Gallagher has established a team of over 20 with in-depth knowledge of specialty and facultative reinsurance across sectors including natural resources, property, financial institutions, special risks, aerospace, marine, cyber, and construction.
