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Mahindra Insurance coverage Brokers, the insurance coverage broking arm of India’s Mahindra Finance, has introduced the launch of its reinsurance division in Dubai, United Arab Emirates, aiming to serve the Center East and North Africa (MENA) markets.
The brand new division, situated within the DIFC, is about to turn into a regional hub for the corporate’s reinsurance actions.
Mahindra Insurance coverage Brokers’ growth into Dubai is a part of efforts to faucet into new market alternatives, broaden its consumer base and drive enterprise development within the area.
The Dubai division is claimed to have a workforce of seasoned professionals with a deep understanding of the worldwide market and expertise in managing reinsurance transactions.
The dealer’s international operations embrace serving purchasers, insurers, group purchasers, reinsurers and the reinsurance broking group.
Mahindra Insurance coverage Brokers managing director & principal officer Vedanarayanan Seshadri stated: “With a considerable reinsurance enterprise within the MENA area, Mahindra Insurance coverage Brokers will look to ship a excessive degree of worth to purchasers whereas sustaining the expansion of insurance coverage.
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“Our presence in Dubai will bolster the precise wants of purchasers on the lookout for native presence and experience, backed by international expertise whereas adopting to market adjustments.”
The DIFC has attracted a various vary of business gamers together with international insurers, reinsurers, brokers, consultancies and danger administration organisations, leveraging its strategic location to foster development.
DIFC Authority chief enterprise improvement officer Salman Jaffery stated: “We’re delighted to welcome Mahindra Insurance coverage Brokers to DIFC. The agency joins over 125 registered insurers, reinsurers, captives, MGAs and insurance-related entities within the Centre.
“Our enabling world-class legal guidelines and rules are on par with different international insurance coverage and reinsurance hubs and can present MIBL with the right platform to develop their enterprise from Dubai.”
Earlier this yr, in June, Kotak Mahindra Life Insurance coverage Firm (Kotak Life) fashioned a company company partnership with Mahindra Finance to supply life insurance coverage options to the latter’s prospects.
Kotak Life plans to utilise Mahindra Finance’s attain in rural and semi-urban areas, the place it serves greater than ten million prospects and manages belongings price greater than $11bn (Rs919.2bn).
