Arma Underwriting Limited is delighted to announce the official opening of its office in the Dubai International Financial Centre (DIFC). Arma Underwriting is a specialist, multi-line underwriting agency delivering tailored risk solutions across the Middle East and African markets. The company has received full approval from all regulators and commenced operations last month.
Arma is an approved Lloyd’s coverholder and operates with full delegated underwriting authority from the Lloyd’s market. The Underwriting Agency writes multi-line (re)insurance business backed by A+ rated Lloyd’s security. Arma intends to develop close relationships with brokers and cedants in the Middle East and African markets, to target individual risks as well as portfolio-driven strategies. The initial business lines are Property (including Terrorism and Jewellers’ block), Liabilities, Energy, Personal Accident and Motor.
Arma has attracted a team of specialist underwriters in the Middle East, who have all joined from some of the largest insurers in the region. Arma is backed by London-based Asta; the leading third-party managing agent at Lloyd’s.
Michael Rafter, Arma’s Group CEO, said: “This is a new and innovative business model that offers more breadth of cover, more depth of capacity and more services than most in the region. We have bought together a team of highly-skilled experts in the region, who will work closely with brokers and cedants to provide a blend of insurance and reinsurance unlike anything else in the market. An important part of the DIFC vision is to position itself as a global hub for specialist insurance and reinsurance, and Arma’s presence in the DIFC fully supports this strategy.”
Rafter is supported by an experienced team based in the prestigious Dubai International Finance Centre; led by Hajar Fadel as Senior Executive Officer. They are joined on the board by respected former AIG president, Patrick Choffel, with Asta’s CEO Julian Tighe and Director of Underwriting Simon Norton on the board to represent Asta’s investment interests in the business.
Mark Cooper, Lloyd’s General Representative, Middle East said: “On behalf of Lloyd’s Dubai I am delighted to welcome Arma to the growing Lloyd’s community here in the DIFC and the wider Middle East. Arma represents our newest Lloyd’s coverholder in the centre taking us to 5 in the DIFC and 7 across the wider Middle East region. It is testimony to the coverholder model that Lloyd’s deploys successfully around the world, that this approach can enable locally based underwriting agencies and brokers to secure valuable Lloyd’s capacity and expertise. We look forward to working with Arma and their partner Asta, to help support their business growth here in the region.”
For further information, please contact:
Tel: + 44 20 7562 4444
Tel: + 44 20 7562 4444
Notes for Editors
Mike Rafter, Group Chief Executive Officer, Arma
Rafter is an innovative insurance executive with more than 26 years of experience covering various senior roles across the globe, with the past 11 years based in the UAE. Formerly the Head of General Insurance at Oman Insurance Company, Rafter has a long career in underwriting in the Middle East and other emerging markets, having previously held senior roles at AIG. His career has spanned all aspects of commercial and consumer lines through general management, underwriting, brokerage and reinsurance.
Hajar Fadel, Senior Executive Officer, Arma
Fadel is an experienced insurance manager, having spent the last 8 years working for the insurance industry in MENA. Prior to joining Arma, Fadel was Executive Vice President -Executive Management for the largest insurer in the UAE and managed partnerships with multinational insurers across lines of business. She has extensive experience in new market entry and expansion; and has launched first-to-market ventures across the Middle East.