UAE’s Oman Insurance to write start underwriting through Lloyd’s syndicate-in-a-box

One of UAE’s biggest insurers,  Oman Insurance Company (OIC), is to begin underwriting through Lloyd’s syndicate-in-a-box (SIAB) under the Dubai International Financial Centre (DIFC), becoming the first SIAB to operate outside of London.

OIC’s syndicate 2880 has received Lloyd’s approval to commence underwriting, with Lloyd’s Dubai’s support from the DIFC. It will further strengthen OIC’s position and support Lloyd’s Dubai’s plans to develop more regional distribution of capacity.

The syndicate will operate on the Lloyd’s platform under the DIFC and will be managed by Lloyd’s third-party managing agent Asta.

Jean-Louis Laurent Josi (pictured), chief executive officer of OIC, said: “I am thrilled that syndicate 2880 has received formal approval to begin underwriting; it will enable us to grow further our international platform, become a fully-established Lloyd’s carrier and diversify the risks on our balance sheet.

“I want to thank Asta, our managing agent, for all their assistance in helping us get approval so quickly and efficiently.”

Asta chief executive officer Julian Tighe added: “We are very pleased that OIC has received Lloyd’s approval to start underwriting so swiftly. Considering they are the first SIAB in the Gulf region, it is an impressive turnaround and reflects the strength of their offering and the professionalism of their team, as well as the flexibility of the SIAB framework.”

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