Specialty MGA firm Optio Group has announced that it will establish MGA and reinsurance broking businesses in Dubai, subject to final approvals from UAE regulatory authorities.
Optio expects both operations to be operational by the start of 2023, with an initial focus on accident and health insurance. Optio also said it intends to enter political violence and terrorism, marine war, kidnap and ransom, and financial lines insurance in the region in due course, drawing on the wider group’s specialty expertise.
The company has made two senior appointments to oversee the expansion in Dubai. Ahmed Ramadan has been appointed as chief executive officer and Moayyad Abu Hayyeh has been named chief underwriting officer, accident and health. Both joined from Besso Re Middle East, where they served as managing director and CUO, respectively. They report to David Robinson, Optio’s managing director.
“The launch of Optio Dubai marks a significant step in our geographic expansion,” said Matthew Fosh, executive chairman of Optio Group. “Both Dr Ahmed and Moayyad are experienced, highly regarded industry figures who will be outstanding additions to our business. With clients already in the UAE, our physical presence gives us the opportunity to expand our service offering over more products and businesses across the region.”