Mahindra Insurance Brokers establishes reinsurance arm in Dubai (DIFC)

The insurance broking arm of India’s Mahindra Finance, Mahindra Insurance Brokers Ltd (MIBL), is looking to enhance its reinsurance services across the Middle East and Africa with the launch of its reinsurance division in Dubai’s International Finance Centre (DIFC).

Mahindra Finance is a large Indian non-banking finance company, and MIBL is one of its wholly owned subsidiaries, a licensed composite broker providing direct and reinsurance broking services.

MIBL serves clients, insurers, group clients, global reinsurers and reinsurance brokers around the world, and has a history of arranging reinsurance with reputed, well-rated and financially sound carriers.

Now, the company is aiming to expand its reinsurance services. Based out of the DIFC, the global financial centre of Dubai, the new reinsurance unit will act as a regional hub and cater to the Middle East and North African (MENA) markets.

“We are delighted to welcome Mahindra Insurance Brokers to DIFC. 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 MIBL with the perfect platform to grow their business from Dubai,” said Salman Jaffery, Chief Business Development Officer, DIFC Authority.

The DIFC has established itself as a key insurance and reinsurance hub in the region, and is increasingly leveraged by insurers, reinsurers, re/insurance brokers, captives, MGAs, Lloyd’s service companies and cover holders, consultancy companies, compliance firms, and risk management organisations.

“With a substantial reinsurance business in the MENA region, MIBL will look to deliver a high level of value to clients while sustaining the growth of insurance. Our presence in Dubai will bolster the specific needs of clients looking for local presence and expertise, backed by global experience while adopting to market changes,” said Vedanarayanan Seshadri, Managing Director & Principal Officer of Mahindra Insurance Brokers.

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