Lloyd’s specialist insurer and reinsurer MS Amlin will begin underwriting Middle East political risks in 2025 and plans to achieve greater growth in the region through a new reinsurance partnership with its parent Mitsui Sumitomo Insurance Company (MSI), Ltd.
The new partnership is targeted at customers in the United Arab Emirates (UAE) and combines MSI’s product portfolio with MS Amlin’s expertise.
The agreement provides contractual frustration protection to MSI’s client banking portfolio through MS Amlin’s Dubai branch, leveraging the experience and knowledge of MS Amlin’s specialist underwriters. The Lloyd’s reinsurer has more than 20 years of experience in the business category and has been operating in the region for more than 10 years.
Under the new arrangement, MSI focuses on supporting its existing client portfolio and targeting new clients in the region through its UAE branch, with all risks insured by MSI being borne by MS Amlin. The reinsurer explained that the partnership is part of its growth plans in the Middle East, where it currently offers a broad portfolio across the maritime, casualty and crisis management categories.
MS Amlin launched credit and political risk products in Dubai early last year with the appointment of Osama Elshiekh.
“We are seeing continued expansion across all of our product lines in the region, which is the latest sign of a very dynamic local economy, with growing demand for such protection in the region, particularly from lenders and credit providers. There are many world-renowned lenders in the Middle East supporting domestic and international development and economic growth, but in order to fund this growth, they need to have the right support in place to protect their balance sheets.” MS Amlin are recognized leaders in addressing this type of risk and, with the support of our colleagues in London, we have a very large and experienced team of underwriting experts who can bring a global perspective, combined with local insight, to support MSI’s existing and new clients,” said Vipul Gupta, Senior Executive (Middle East and North Africa) at MSI.
“This new partnership is an example of synergy and I am delighted that we are able to support MSI and our colleagues in the UAE branch. Being part of a wider corporate network of like-minded individuals plays well into MS Amlin’s wider partner strategy, targeting opportunities to leverage the skills and capabilities inherent in the MSI network, allowing us to support customers and expand our product portfolio at lower frictional costs,” Gupta added.
The new partnership also supports MSI’s international business growth and development plans, with Yoshinori Nakamura, general manager of the company’s UAE branch, commenting: “Through close collaboration with MS Amlin, we aim to strengthen our service offering to a wide range of clients, including leading Japanese companies, and to showcase the group’s combined strengths. The partnership between the two MSI companies perfectly demonstrates the power of collaboration, the intrinsic value of MSI group companies and the assistance we can provide to existing and potential clients in the region.” “