Arma Underwriting Limited, a managing general agent based in Dubai, UAE, has received full approval from all regulators and has commenced operations.
The firm, which is backed by Lloyd’s third party managing agent and specialist MGA investor Asta, is an approved Lloyd’s coverholder that writes re/insurance in multiple lines with rated A+ security. Arma seeks to form business relationships with brokers and cedants in the Middle Eastern and African markets.
Initially, Arma will write business lines in property (primarily in terrorism and jewellery), liabilities, energy, personal accident, and motor.
To achieve this, Arma assembled a team of expert underwriters in the Middle East, joining from top regional insurers. Hajar Fadel will assume the position of senior executive officer, while Asta CEO Julian Tighe and director of underwriting Simon Norton will represent Asta on the board.
Michael Rafter, group CEO of Arma, commented on the launch: “This is a new and innovative business model that offers more breadth of cover, more depth of capacity and more services than most in the region. We have brought together a team of highly-skilled experts in the region, who will work closely with brokers and cedants to provide a blend of insurance and reinsurance unlike anything else in the market.”
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