The plan is yet to receive approval from UAE regulators. Credit: Jan Vašek from Pixabay.

UK-based speciality managing general agent (MGA) Optio Group has announced plans to set up an MGA and reinsurance broker in Dubai.

Both businesses are expected to start operations by the start of 2023, with an initial focus on accident and health (A&H) lines of business.

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Leveraging the group’s wider expertise, London-based Optio aims to expand the operation in other business lines such as political violence & terrorism (PVT), marine war, kidnap & ransom and financial lines.

The plan is subject to receipt of approval from the local regulatory authorities.

Optio has also made two senior appointments to lead the new units.

Ahmed Ramadan will be joining the business as CEO and Moayyad Abu Hayyeh as a chief underwriting officer (CUO) of the A&H division.

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Both Ramadan and Hayyeh join Optio from Besso Re Middle East where they served as managing director and CUO respectively

Optio Group executive chairman Matthew Fosh said: “The launch of Optio Dubai marks a significant step in our geographic expansion. Both Ahmed and Moayyad are experienced, highly regarded industry figures who will be outstanding additions and I am delighted to welcome them both to Optio.

“With clients already in the UAE, our physical presence gives us the opportunity to expand our service offering over more products and businesses across the region.”

Earlier this year, Optio acquired a warranty and indemnity MGA Brockwell Capital for an undisclosed sum.