Managing general agent Advantage Reinsurance Management Ltd. has joined the Dubai International Financial Centre (DIFC), expanding its presence in the global reinsurance market, the company announced.
The DIFC, which serves as a financial and insurance hub in the Middle East, said in a statement that Advantage Re will contribute its capabilities in insurance, reinsurance, and risk management solutions to clients across the region and internationally.
The center described the addition of Advantage Re as a development that supports its position as a reinsurance platform for global business.
Akhilesh Jain (pictured above), senior executive officer of Advantage Re, said that establishing a base in the DIFC provides the firm with a strategic platform to conduct international reinsurance activity.
"By anchoring Advantage Re in the DIFC, we gain a strategic vantage point to write global reinsurance business with agility, regulatory credibility and developed markets," Jain said.
Advantage Re operates in the property and casualty space, with a focus on correcting market inefficiencies in regional markets. The company underwrites across various segments, including niche and specialty lines, surety and bonds, agriculture, and parametric products.
The company's move into the DIFC follows a period of growth in the center's reinsurance activity. In 2023, the DIFC reported US$2.6 billion in gross written premiums, its highest in two decades. This figure represents a 23% increase compared to the previous year.
The number of insurance and reinsurance firms registered at the DIFC has also expanded, with a 20% increase in registrations reported during the year. Managing general agents (MGAs) accounted for 43% of new entrants. The center also saw the registration of its first captive insurer from Guernsey, further broadening its range of market participants.
The center currently hosts more than 120 licensed insurance-related entities, including insurers, reinsurers, captives, and MGAs.
Advantage Re joins other recent entrants to the DIFC such as Rokstone and Mahindra Insurance Brokers Ltd., which also established reinsurance operations in Dubai.
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