Lloyd’s re/insurer MS Amlin announced that it is launching a credit and political risk insurance offering in Dubai as part of its expansion in the Middle East and North Africa (MENA) region.
To support this initiative, MS Amlin MENA has appointed Osama Elshiekh as senior underwriter for credit and political risk. He will report to Vipul Gupta (pictured above), senior executive officer for MS Amlin MENA.
Elshiekh brings nearly 15 years of experience in the sector, having previously worked as a senior underwriter at The Hartford in the United States. Before that, he held senior underwriting positions at the Islamic Corporation for the Insurance of Investment and Export Credit, including serving as country manager for the United Arab Emirates.
The addition of credit and political risk insurance is part of MS Amlin’s broader efforts to expand its underwriting presence in Dubai. In recent years, the company has introduced financial lines and marine cargo insurance alongside its existing marine hull and political violence offerings.
Last month, as part of those efforts, MS Amlin renewed its Phoenix Re sidecar for the fifth consecutive year, increasing its available collateralized capacity to more than US$90 million. The vehicle diversifies risk across more than 150 layers annually in the Asia-Pacific and MENA regions, functioning similarly to a portfolio of catastrophe bonds.
Commenting on the Dubai expansion, Gupta pointed to the United Arab Emirates and Saudi Arabia as key drivers of demand for credit and political risk coverage, citing their ongoing economic diversification efforts.
Additionally, he also identified India and Africa as emerging markets experiencing a rise in foreign investment, which he expects will contribute to growing demand for specialty lines, particularly in credit and political risk insurance.
MS Amlin marked its tenth year in Dubai in 2023, having established operations at the Dubai International Financial Centre in 2014.
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