Based in London, Cole will be responsible for strengthening distribution strategy and building relationships across both markets, with a particular focus on aligning LSM's global approach with regional opportunities.
Cole will report jointly to Luis Prato, president of UK & MENA at LSM, and Andrew Jackson, international head of client and broker distribution. His remit includes overseeing client and broker relationships, working alongside underwriting teams, and ensuring consistent delivery of LSM's proposition across both regions.
Prato said the appointment reflected LSM’s commitment to long-term partnerships with brokers and clients. He noted that Cole’s extensive distribution expertise would be key to evolving the firm’s approach across two markets that are currently moving at very different paces.
The appointment comes amid contrasting dynamics between the UK and MENA markets. While the UK remains one of the world's most mature insurance hubs, with premiums estimated at over £220 billion in 2024 according to the ABI, growth has been relatively modest, hovering around 1 to 2% annually.
By contrast, the MENA market is expanding much faster. Swiss Re Institute data shows that the region grew by around 6% in 2024, more than double the global average of 3%. Countries such as Saudi Arabia and the UAE are driving this momentum through regulatory reforms, infrastructure investment, and rising demand for motor and health coverage.
For insurers like LSM, this divergence underscores the importance of tailoring distribution strategies. In the UK, the focus is on deepening client relationships and sustaining market share in a competitive environment, while in MENA, opportunities lie in capturing new growth and establishing long-term positions in rapidly developing markets.
