Mantas looks to be first parametric MGA in the UAE

Mantas, a provider of parametric cyber insurance and predictive analytics to help businesses mitigate cloud downtime risks, has secured In-Principle Approval (IPA) for a Category 4 licence from the Dubai Financial Services Authority (DFSA).

The license allows Mantas to operate as a regulated Managing General Agent (MGA) upon the issuance of the full DFSA licence, making it the first parametric MGA in the UAE.

This key milestone bolsters the firm’s strategy to protect cloud-reliant businesses across the Middle East (MEA) region through parametric insurance solutions.

When the IPA conditions are met, Mantas will receive the category 4 DFSA licence, enabling the firm to operate in Insurance Intermediation Services and Insurance Management.

Basil Mimi, Co-founder and Chief Executive Officer, Mantas, commented, “Every business in the MEA region relies on the cloud yet too few are protected against its failures.

“We look forward to working with the DFSA to obtain our full licence, allowing us to launch our services and continue developing solutions that turn business downtime into a managed, predictable event. Our R&D won’t stop until business disruption is no longer part of the vocabulary.”

Yousef Hamza, Investor and Board Member, Mantas, added, “Securing in-principle approval from the DFSA marks a pivotal step in Mantas’ journey to redefine cyber risk protection in the region.

“As digital infrastructure becomes the backbone of modern business, we believe Mantas is uniquely positioned to lead the future of insurtech with precision, trust, and innovation.”