Asta, the leading Lloyd’s third party managing agent and specialist MGA investor, is pleased to announce that Dubai-based Arma Underwriting Limited has received full approval from all regulators and commenced operations last month.
Asta-backed Arma is an approved Lloyd’s coverholder that writes multi-line (re)insurance business backed by A+ rated Lloyd’s security. Arma intends to develop close relationships with brokers and cedants in Middle East and Africa 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 some of the most experienced underwriters in the Middle East, who have all joined from some of the largest insurers in the region.
Michael Rafter, Group CEO of Arma, 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.”
The office in the Dubai International Finance Centre is led by Hajar Fadel as Senior Executive Officer. They are joined on the board by respected former AIG president and former CEO of Oman Insurance Company, 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.
Tighe said: “We are confident that with the quality of the team that Michael has assembled at Arma is going to actively contribute to the continued development of reinsurance capability in the Middle East. Arma is unlike anything else in the Middle East market and will develop innovative strategies for local partners while introducing new premium to Lloyd’s. Asta is committed to supporting innovative MGAs like Arma as they develop new lines of business not currently seen by the market.”
Following ‘in principle’ approval from the Dubai Financial Services Authority (DFSA) on 19 February, Arma has now completed the final round of preparations, and the DFSA alongside Lloyd’s have authorised Arma to proceed.
For further information, please contact:
Tel: + 44 20 7562 4444
Tel: + 44 20 7562 4444
Notes for Editors
Michael 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.
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for nine syndicates with capacity under management in 2016 of approximately UK£1bn:
Syndicate 1686 (Axis)
Syndicate 1729 (Dale Underwriting Partners) Syndicate 1897 (Skuld), SPA 6126 Syndicate 2357 (Nephila)
Syndicate 2525 (DL Dale & Others) Syndicate 2689 (Verto)
Syndicate 2786 (Everest)
Syndicate 4242 (ICAT), SPA 6123 (ICAT) Syndicate 5886 (Blenheim)
Asta Underwriting Management Limited (AUML) launched in 2015, making the skills, experience and capabilities behind Asta’s success as the leading third party managing agency at Lloyd’s available, for the first time, to the MGA market.
UK MGAs under management: