Mahindra Insurance Brokers Ltd., part of the Mahindra Group, has opened a reinsurance office at Dubai International Financial Centre (DIFC). The new division will serve the Middle East and North Africa market, focusing on expanding the client base and driving regional business growth.
“In the MENA region, our goal is to deliver a substantive level of value to our clients within the reinsurance broking industry,” said Vedanarayanan Seshadri, Managing Director & Principal Officer of Mahindra Insurance Brokers. “Reinsurance capacity for the MENA region is substantial, local cedants maintain a strong culture of reinsurance protection to sustain the growth of insurance.
“With increasing opportunities in high value risks across various sectors, these clients seek local presence and expertise, backed by global experience adapting to market changes and improving our offerings – precisely what we aim to provide.”
Mahindra Insurance Brokers, which began operations in 2004, obtained a reinsurance licence in 2012 and has since provided reinsurance services globally. The company arranges reinsurances with financially sound reinsurers to help insurance companies protect their capital.
“We are delighted to welcome Mahindra Insurance Brokers to DIFC,” noted Salman Jaffery, Chief Business Development Officer of DIFC Authority. “The firm joins over 125 registered insurers, reinsurers, captives, MGAs and insurance-related entities in the Centre.
“Our enabling world-class laws and regulations are on par with other global insurance and reinsurance hubs, and will provide Mahindra with the perfect platform to grow their business from Dubai.”
DIFC has become a key hub for insurance and reinsurance in the region, attracting global players in the industry.