International specialty re/insurance MGA Rokstone, part of the Aventum Group, has received a regulatory license from the Dubai Financial Services Authority (DFSA) -the independent regulator overseeing business conducted within or from the Dubai International Financial Centre (DIFC)— to expand its services in the region with a new office.
Rokstone explained that the Dubai office will capture regional business in MENA not currently coming to London and expand its offering to regional carriers who cannot access its distribution in London.
The Dubai office will reportedly focus on offering Specialty Risk solutions in Direct & Facultative Property, Construction, Aviation, Marine Cargo and Surety. Rokstone noted that other products from its existing portfolio may also be added in future as local distribution and market dynamics dictate.
James Potter, CEO of Rokstone, commented, “We are excited to officially launch our Dubai office, expanding our MGA model to MENA.
“Dubai and DIFC are a growing and thriving regional hub which opens up new distribution to regional markets. There is a good talent base there and a well-connected transport hub for the region.
“With its current favourable economic policy, high level of investment, and demand for high quality reinsurance underwriting, Dubai is well suited to an established, yet nimble MGA like Rokstone.
“Our specialist knowledge, use of technology, and our disciplined approach means we have a lot to offer both brokers and carriers operating in the region.”
According to Rokstone, there is currently a team of seven in the new office with plans to expand headcount significantly in the coming months.
Salmaan Jaffery, Chief Business Development Officer, DIFC Authority, said, “We welcome Rokstone to DIFC and look forward to helping them capture opportunities in the region.
“As one of the fastest growing MGAs, Rokstone brings capacity and expertise to the region and expand their services from the ground more effectively, supporting the growth of DIFC’s re/insurance sector and positioning the Centre as a global hub for the industry.
“Within DIFC, MGAs including Rokstone now account for over 40% of the sector, who are thriving because of opportunities in an underpenetrated regional market, our legal and regulatory framework, potential partnership opportunities, as well as an evolving risk environment.”
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