StarStone, an international specialty insurer and subsidiary of Enstar Group, has entered a joint venture partnership with Dubai-based managing general agent Malakite Underwriting Partners Ltd to bring its presence into the market.
Pending regulatory approval, Malakite will cater to specialty insurance clients in the Middle East and North Africa (MENA) region, initially offering flexible multi-class insurance for risks such as energy, marine, and property terrorism. Lloyd’s Syndicate 1301, managed by StarStone, will be the main capacity provider for Malakite. The remainder will be provided by several other participating Lloyd’s syndicates.
The operation will be helmed by newly appointed managing partner Giles Hussey, who has over 14 years’ experience in the insurance industry of the Middle East. He joins Malakite from Swiss Re, where he was head of MENA, Swiss Re Corporate Solutions. Prior to that, he was CEO for Middle East & Asia at Lancashire Insurance and held various broking positions at JLT
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
As part of the deal, Tim Fillingham, CEO of StarStone Insurance Services Limited, and Simon Schnorr, StarStone’s global head of marine, will have seats at Malakite’s board, taking up roles as chairman and director, respectively.
“The competitive market has created a dynamic environment for flexible carriers with the ambition and expertise to build new businesses,” said Fillingham. “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.”
Increased insurance for Muslim pilgrimages
AXIS expands accident and health insurance team in Dubai
Middle Eastern insurer deploys new risk exposure tool