DUBAI, UAE: Oman Insurance Company and Asta, the main third-party managing agent at Lloyd’s, introduced that Oman Insurance’s syndicate 2880 has received Lloyd’s approval to commence underwriting. Syndicate 2880 was launched under the syndicate-in-a-box initiative (SIAB) and can function on the Lloyd’s platform under the Dubai International Financial Centre (DIFC).
Oman Insurance, based in Dubai, is one of many main insurers within the GCC, offering lead and follow capability on regional and worldwide facultative business. Oman Insurance is the primary Syndicate in a field (SIAB) to function outside of London, with Lloyd’s Dubai’s support from the DIFC. This distinctive feature will additional strengthen the company’s place and support Lloyd’s Dubai’s plans to develop extra regional distribution of capacity.
JeanLouis Laurent Josi, Oman Insurance CEO, said: “I am thrilled that syndicate 2880 has received formal approval to start underwriting; it will allow us to develop additional our worldwide platform, become a fully established Lloyd’s carrier and diversify the dangers on our balance sheet. I need to thank Asta, our managing agent, for all their help in serving to us get approval so quickly and efficiently.”
Asta chief executive officer Julian Tighe added: “We are very happy that Oman Insurance has received Lloyd’s approval to start underwriting so swiftly. Considering they’re the primary SIAB within the Gulf region, it’s an spectacular flip round and displays the strength of their offering and the professionalism of their team, in addition to the flexibility of the SIAB framework.”
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