Sukoon’s Syndicate 2880 obtains Dubai International Financial Centre licence

Move will strengthen its operation in the market



DIFC is the largest insurance hub in the region. - Supplied photo
DIFC is the largest insurance hub in the region. - Supplied photo
by

A Staff Reporter

Published: Wed 21 Dec 2022, 4:44 PM

Last updated: Wed 21 Dec 2022, 5:17 PM

The Dubai International Financial Centre (DIFC) has granted an operating licence to Sukoon’s Syndicate 2880.

Sukoon will be the first syndicate-in-a-box (SIAB) to operate outside of London with the support of Lloyd’s DIFC. As part of the programme’s evolution, the new entity will now operate under the DIFC platform and exclusively underwrite business on behalf of the syndicate. This unique feature will further strengthen Sukoon’s position and support Lloyd’s Dubai’s plans to develop more regional distribution of capacity.

The new office at DIFC will be led by Amey Masurkar as the SEO and syndicate manager. Mike Davies will head international marine and international business development whilst Christopher Wildee will remain the active underwriter along with a team of dedicated syndicate underwriters.

Earlier this year in March, Sukoon and Asta, a third-party managing agent at Lloyd’s, announced that Sukoon’s Syndicate 2880 has received Lloyd’s approval to commence underwriting.

Jean-Louis Laurent Josi, CEO of Sukoon, said: “We are excited to have our Lloyd’s Syndicate operations in DIFC. With the ability to exclusively underwrite business for the syndicate, we will be able to diversify the risks on our balance sheet and further strengthen our position as the insurer of choice in the region.”

Christopher Wildee, executive vice president of corporate, Sukoon, added: “Sukoon is looking forward to capturing new opportunities through the syndicate-in-a-box model with Lloyd’s, here at DIFC. The team assembled here represent the intent, commitment, and endeavour to produce a top performing carrier on the Lloyd’s platform.”

Salmaan Jaffery, chief business development officer at DIFC, said: “We are pleased that Sukoon’s Syndicate 2880 has chosen DIFC to strengthen its operations in the UAE and the region. DIFC is the largest insurance hub in the region. We are committed to growing the sector further by attracting new clients and helping existing clients grow their business. We are particularly keen on promoting innovation such as SIAB, which we think will help augment the talent base and bring additional depth to the industry. .”

Established in 1975, Oman Insurance Company P.S.C. (Sukoon) is one of the leading insurance providers in the UAE. They provide a wide range of comprehensive insurance solutions to more than 800,000 individuals and commercial clients in healthcare, motor, life and general. Sukoon has operations across all Emirates in the UAE as well as in Oman.

Sukoon recorded gross written premiums (GWP) of Dh3.54 billion in 2021. A public stock company, it is listed on the Dubai Financial Market. It is A rated by AM Best, A by Standard & Poor’s and A2 by Moody’s.


More news from Business