The Middle East is rapidly emerging as one of the world’s most dynamic insurance and reinsurance markets, driven by economic transformation, ambitious government visions, and a growing appetite for risk transfer solutions. Positioning itself at the forefront of this evolution is Fidelis MEASA, which recently marked its first anniversary in Abu Dhabi.
Fidelis MEASA, launched by The Fidelis Partnership (TFP) in 2024 and licensed at Abu Dhabi Global Market, is an integral part of TFP’s BRICS+ strategy. It expands specialist re/insurance capabilities across the Middle East, Africa, and South Asia while connecting the region to global expertise.
CEO and CUO Youssef Al Kareh (pictured), said TFP’s decision to establish Fidelis MEASA in the UAE was both strategic and forward-looking. “We have the BRICS+ plan. If we look at economic growth it is coming from non-G7 countries. So we are looking to grow the book of business outside of North America, Western Europe, Japan and Australasia. It dovetails very nicely into this vision of exploiting opportunities outside traditional markets,” he explained.
The first year has exceeded expectations. “We have had a humbling success in the first year in terms of relations and the breadth of the opportunities,” he said. “We set up with a certain vision and we’re promoting the entire TFP product offering but with a focus on those at the heart of the region and the government. We do provide capacity in a traditional manner, but we go one step beyond that. We look at the economic vision and look at what are the areas government is trying to grow. And then we work backwards to see how our products can help.”
This approach means not just following the market, but helping to shape it. “We take a leadership role with areas that can be of a specialist nature,” he said. “We look at things in a very fresh manner. We also want to have a knowledge transfer. We put a lot of focus on training local talent and making cutting edge tools available to insurers and reinsurers in that part of the world.”
The timing is notable: according to recent industry reports, the Middle East insurance market is projected to grow at a CAGR of over 8% through 2028, outpacing many mature markets. Regulatory reforms, increased infrastructure investment, and the rise of new risk classes are all fueling demand for innovative solutions.
The Middle East’s insurance and reinsurance needs are evolving in step with its economic ambitions. “A couple of examples: mortgage insurance and reinsurance. In Saudi Arabia there is a lot of interest in them. As they try to develop the mortgage markets, they try to find ways for insurance to assist. That’s a typical example of how what we’re trying to do fits in. They want Saudis to become homeowners and for that they need to extend mortgages and they are looking for capital relief – so insurance solutions play a part in that,” Al Kareh said.
Banks across the region are also seeking new ways to manage risk and free up capital. “We’re looking too at banks in the region – they are very much into risk transfer to the insurance market. Even when banks have a lot of capital they want to do risk transfers. Now they are facing a situation where they want to free up a lot of their capital – we have global leadership and a desire to do business.”
This focus on aligning insurance solutions with regional economic priorities is a key differentiator for Fidelis MEASA, setting it apart from providers offering more generic capacity.
Fidelis MEASA’s ambitions extend well beyond the Gulf. “So far we have seen opportunities from New Zealand to Brazil. It is not restricted to a small area. There is a lot to be done in the MEASA region. In theory and reality as well, we can identify opportunities much further away,” Al Kareh noted. The Abu Dhabi office serves as a hub for the wider BRICS+ strategy, connecting TFP’s expertise with fast-growing markets across the Middle East, Africa, South Asia, and beyond.
This regional platform is enabling Fidelis MEASA to respond quickly to cross-border opportunities and to bring global best practices to local markets – a strategy that is increasingly important as the region’s risk landscape grows more complex.
The region’s energy sector is both a source of risk and a driver of innovation. “Our philosophy is to help energy players,” Al Kareh said. “As part of the commitment to reduce emissions, a lot of big energy companies in the region have an offshore element, particularly with construction. This is one area where we are helping out. We deploy those capacities in areas where it would otherwise be difficult. We have to [have them] pass ESG checks and we need to ensure that the company has a good transition score and plan and then we are willing to commit.”
Fidelis MEASA’s approach is to align its underwriting with both the region’s traditional strengths and its growing focus on renewables and sustainability. This ESG-driven underwriting and willingness to support transition projects is another way the company aims to stand out from more traditional market participants.
Beyond underwriting, Fidelis MEASA is committed to building local insurance expertise, according to Al Kareh. “We are hosting local talent in our London offices,” he said. “We are doing tailor-made programs that can last up to two weeks. We have two delegations we are expecting by year end. With another we have already done an online training program. A select number go to the London office and sit on the ground with our actuaries and get a real feel of how things work.”
This knowledge transfer is designed to create a sustainable, standalone insurance ecosystem in the Middle East – one that can compete globally and innovate locally. By focusing on upskilling and exposure to international best practices, Fidelis MEASA is helping to address a key challenge in the region: the shortage of specialist talent.
Building a successful regional platform is not without its hurdles, of course. “We’ve got an amazing network in the region,” explained Al Kareh. “To try to reconcile that global mentality with the opportunities that exist in the region can be difficult because there can be cultural gaps. We have something called the Fidelis view of risk and we need to look at how that is being extended to the risk profiles in the region. We have done this very successfully. Our senior underwriters and heads of department have a mandate to spend more time on the ground in the region. Once they are on the ground they will go back with a different perspective.”
One concrete challenge has been adapting global underwriting standards to local regulatory environments, which can vary significantly across the MEASA region. Fidelis MEASA has addressed this by investing in local compliance expertise and by maintaining close dialogue with regulators and clients. “It’s about listening and learning as much as it is about leading,” Al Kareh noted.
Looking forward, Fidelis MEASA’s focus will be on navigating the region’s evolving risk landscape and responding to the needs of both local and international clients. As economic diversification and infrastructure projects continue across the Middle East, the demand for tailored insurance and reinsurance solutions is set to grow. For Fidelis MEASA, the challenge will be to balance global expertise with local insight, maintain strong relationships, and adapt to the regulatory and cultural complexities unique to the region.
