Mahindra Insurance Brokers Ltd. (MIBL), a subsidiary of Mahindra Finance, has announced the launch of its reinsurance division in Dubai.
The new office will be based in the Dubai International Financial Centre (DIFC), a key financial hub in the region, and will serve the Middle Eastern and North African (MENA) markets.
The expansion is part of MIBL's strategy to explore new opportunities in the region, grow its client base, and boost its business operations. The Dubai division will employ a team with expertise in the international reinsurance market, offering services aimed at ensuring operational efficiency and reliability for clients.
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Salman Jaffery, chief business development officer of the DIFC Authority, commented on the development, noting that the firm will be joining more than 125 insurance-related entities in the DIFC.
“Our enabling world-class laws and regulations are on par with other global insurance and reinsurance hubs and will provide MIBL with the perfect platform to grow their business from Dubai,” Jaffery said.
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Vedanarayanan Seshadri (pictured above), managing director and principal officer of MIBL, emphasized the importance of the new division for the company's operations in the MENA region.
“Our presence in Dubai will bolster the specific needs of clients looking for local presence and expertise, backed by global experience while adapting to market changes,” Seshandri said.
MIBL provides services to a wide range of stakeholders, including clients, insurers, and reinsurers across the world.
The company highlighted that DIFC has emerged as a major hub for the global insurance and reinsurance industry. A range of entities, including global insurers, reinsurers, brokers, and risk management firms, have chosen the region as a strategic location to expand their presence in the region.
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