Mahindra Insurance Brokers, the insurance broking arm of India’s Mahindra Finance, has announced the launch of its reinsurance division in Dubai, United Arab Emirates, aiming to serve the Middle East and North Africa (MENA) markets.
The new division, located in the DIFC, is set to become a regional hub for the company’s reinsurance activities.
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Mahindra Insurance Brokers’ expansion into Dubai is part of efforts to tap into new market opportunities, broaden its client base and drive business growth in the region.
The Dubai division is said to have a team of seasoned professionals with a deep understanding of the international market and experience in managing reinsurance transactions.
The broker’s global operations include serving clients, insurers, group clients, reinsurers and the reinsurance broking community.
Mahindra Insurance Brokers managing director & principal officer Vedanarayanan Seshadri said: “With a substantial reinsurance business in the MENA region, Mahindra Insurance Brokers will look to deliver a high level of value to clients while sustaining the growth of insurance.
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By GlobalData“Our presence in Dubai will bolster the specific needs of clients looking for local presence and expertise, backed by global experience while adopting to market changes.”
The DIFC has attracted a diverse range of industry players including global insurers, reinsurers, brokers, consultancies and risk management organisations, leveraging its strategic location to foster growth.
DIFC Authority chief business development officer Salman Jaffery said: “We are delighted to welcome Mahindra Insurance Brokers to DIFC. The firm joins over 125 registered insurers, reinsurers, captives, MGAs and insurance-related entities in the Centre.
“Our 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.”
Earlier this year, in June, Kotak Mahindra Life Insurance Company (Kotak Life) formed a corporate agency partnership with Mahindra Finance to offer life insurance solutions to the latter’s customers.
Kotak Life plans to utilise Mahindra Finance’s reach in rural and semi-urban areas, where it serves more than ten million customers and manages assets worth more than $11bn (Rs919.2bn).
