PC: The Fintech Times
New Reinsurance Hub in Dubai’s DIFC
Mahindra Insurance Brokers, an insurance business group arm of Mahindra Finance, announced on Monday that its new reinsurance division would be based in Dubai, the UAE. The new subsidiary is to be located within Dubai International Financial Centre and has been structured to act as a regional hub, servicing the Middle East and North Africa markets. This strategic growth move marks an important stride in the firm’s overall drive to seek out fresh market opportunities and expand its presence in the region’s reinsurance sector.
Strategic Growth and Market Expansion
This entry into Dubai sets a platform for Mahindra Insurance Brokers to reach as many clients and expand its business in the region of MENA. This new division is managed by professionals with experience in international reinsurance practices. They manage the business of conducting numerous reinsurance transactions, bringing rich experience in the reinsurance sector. The firm aims at services of value addition to reach the demands of the local market while leveraging global experience to deal with market dynamics in a state of constant change.
Supporting Clients with Local Expertise and Global Reach
Commenting on the development, Mahindra Insurance Brokers’ managing director and principal officer, Vedanarayanan Seshadri, said that the new division has immense potential in addressing the reinsurance needs of this region. With their significant scale of business in the MENA region, they are determined to provide high-value services that will directly benefit local clients looking for regional acumen and international expertise.
Seshadri said that their presence in Dubai will benefit from specific needs of clients seeking local presence and expertise, but with global experience while adapting to changes in the market, highlighting the value Mahindra Insurance Brokers is bringing to regional clients.
DIFC as a Growing Hub for Reinsurance and Financial Services
The DIFC has become an exciting centre for any international player in insurance and reinsurance-whether an insurer, broker, captive or other industry stakeholder. From Dubai’s strategic position, the DIFC attracted major industry players looking to expand in the region. DIFC Authority Chief Business Development Officer Salman Jaffery welcomed Mahindra Insurance Brokers as they join more than 125 other insurers and reinsurance-related entities at the centre.
According to Jaffery, Mahindra Insurance Brokers will take advantage of DIFC’s world-class regulatory framework. He said that they are delighted to welcome Mahindra Insurance Brokers to DIFC. Their 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.
Mahindra Finance Strengthens Footprint in Insurance Ties
This deal is one among the recent June deals clinched by Mahindra Finance with Kotak Mahindra Life Insurance Company (Kotak Life), integrating Mahindra Finance even more fully into the insurance business. The tie-up will help Kotak Life push its life insurance offerings to Mahindra Finance’s large clientele population in the rural and semi urban regions, which exceeds ten million customers and administers assets of more than $11 billion.
With the entry of Mahindra Insurance Brokers into Dubai, the company is carving its way as a major player in the MENA reinsurance market by bringing localised expertise combined with a global outlook to meet changing needs of clients in that region.
