Insurance Company Volante Global Uses Lloyds’s Syndicate at DIFC for Middle East and Republic of Türkiye GrowthPress Release 20 Oct 2022 01:05 pm
Dubai, UAE, 20 October 2022: Volante Global, a multi-class, multi-territory international Managing General Agent (MGA) and Lloyd’s Syndicate, has announced the launch of Volante (DIFC) Ltd at Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region.
Volante (DIFC) Ltd has received a category four licence from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC. Led by Khalil Eid, Volante (DIFC) Ltd will offer reinsurance through Volante Global’s A+ rated Lloyd’s Syndicate 1699.
Volante (DIFC) Ltd has started underwriting and plans to build a diversified portfolio across multiple business classes, including treaty, property, energy, marine, liability, engineering and auto consumer lines. The Volante (DIFC) Ltd team has extensive experience in the region and has worked in leadership roles, covering the territory for many years.
Khalil Eid, Managing Director of Volante (DIFC) Ltd said: “The core focus of our company is to achieve a significant and profitable portfolio with a product proposition relevant to DIFC and the Middle East insurance market’s growth potential. We will do so through a combination of treaty and facultative offerings targeting corporate and consumer lines across multiple business classes.”
“In our first year of operation, we successfully launched a multi-product plan led by a highly experienced team based in DIFC. We are well positioned to achieve our vision and aspiration in the region,” he added.
“I am pleased to confirm the appointment of colleagues who will grow our DIFC-based business: Abdelfattah Chami – Director of Treaty; Manik Sethi – Director of Marine & Offshore Energy; Rainer Lehner – Director of Offshore Energy; Nazih Matar – Director of first-party ‘Property’ lines; Tariq Siddiqi – Director of Onshore Energy, Power & Engineering; Arnen Panopio – Director of third-party ‘Liability’ lines; and Kyra Logotheti – Director of Casualty,” he concluded.
Underlining the differentiation that Volante (DIFC) Ltd seeks to deliver to the local markets, Talbir Bains, Volante’s Global Founder and CEO, said: “Our proposition is to leverage our Dubai-based talent to deliver combined package policies, including property, liability, marine, auto consumer lines and treaty to a spectrum of local assureds in the Middle East and Republic of Türkiye. The strength of capital we bring to the local market with our Lloyd’s Syndicate 1699 platform will offer advantageous multi-line solutions to our broker partners. Volante is excited to commence trading in DIFC.”
Salmaan Jaffery, Chief Business Development Officer at DIFC, commented: “The Middle East, Africa and South Asia’s insurance market continues to become more sophisticated and DIFC is regarded as the regional powerhouse for the sector. We are delighted that Volante has become part of the Lloyd’s Syndicate at DIFC and will use the Centre to expand into new markets.”
Roshni Lillies, Active Underwriter of Volante’s Syndicate 1699, the platform through which Volante (DIFC) Ltd will trade, conveyed the focused strategy that the company will bring to the local market: “Volante (DIFC) Ltd will underwrite Middle Eastern business for Volante Syndicate 1699 via a service company agreement. This platform enables our syndicate to access a growing marketplace locally with local underwriting talent. We are delighted to have secured such an experienced and highly reputable team. We look forward to working with assureds and brokers locally.”
The Middle East, Africa and South Asia’s insurance market continues to become more sophisticated and DIFC is regarded as the regional powerhouse for the sector. We are delighted that Volante has become part of the Lloyd’s Syndicate at DIFC and will use the Centre to expand into new markets.”
– Salmaan Jaffery, Chief Business Development Officer at DIFC