Gallagher has launched a new business in the Dubai International Finance Centre (DIFC) to support clients across the Middle East and Africa with their specialty and facultative reinsurance solutions.
The business will benefit from Gallagher and MIG Group’s strategic partnership in ACE Gallagher across the Middle East region. Gallagher has taken a majority share of 51% of ACE Re Ltd (DIFC) and MIG Group is retaining the remaining 49% of the shares. The ACE Re DIFC team and clients will move into the new business and trade as Gallagher going forward. The ACE Re clients will deal with the same existing brokers who know and understand their business with the added benefit of being able to access Gallagher’s global scale.
Gallagher already has a significant client base in MEA and the creation of a specialty offering locally enables the firm to further expand and maximise the growth opportunities available in the region. Although still growing, a team of over 20 has already been established with in-depth knowledge of specialty and facultative reinsurance across sectors including natural resources, property, financial Institutions, special risks, aerospace, marine, cyber, and construction.
The new business is being headed up by Nadim Semaan, who has been appointed as Senior Executive Officer, subject to regulatory approval. Nadim has extensive local experience in the region having been a partner in Gallagher’s UK based global energy team for the last four years with responsibility for supporting existing clients and developing new business in MEA.
Other senior members of the newly established team include: Julian Samengo-Turner who has joined from Willis Limited DIFC as Head of Middle East & Africa; Daniel Miller who has joined from AON as Divisional Director of Financial Lines; Alastair Climie who has joined from WTW as Director of Natural Resources; James Excell who will join as Regional Director for Sub-Saharan Africa from WTW and Ziad Seifeddine who also joins from WTW as Divisional Director of Specialty Lines. Nick Peters and Bard Poulsson will move from Gallagher’s London based Specialty team to lead the marine practice and Elie Abboud of ACE Re will take on a new role as Divisional Director of business development.
The business complements Gallagher’s partnership with ACE Gallagher in the region, announced in April 2021. ACE Gallagher is a well-known and long established insurance /reinsurance broker with operations in Saudi Arabia, Bahrain, United Arab Emirates, Oman, Kuwait and Lebanon serving clients across the region.
Gallagher’s acquisition of Willis Re in December included a treaty reinsurance team of 10 in the DIFC, and they will be based with the Gallagher team. The treaty team will continue to be led by Chems-Eddine Kassali as Head of MENA and will be part of the Gallagher Re global business.
Nadim said: “I am delighted to be taking the helm of our operations in the MEA area. Having grown up and been educated in the region, as well as having led Gallagher’s UK energy practice in MEA, I am very familiar with the challenges and opportunities for businesses operating in the region. The launch of our business in the DIFC is a key milestone in Gallagher’s continued growth story and the opening of an on-the-ground presence demonstrates the excellent opportunities we see.
“Having a Gallagher specialty and facultative reinsurance team being based in the region really opens up the availability of insurance options for regional and multinational clients, and I am extremely pleased with the level of talent we have already recruited, all of whom will play an important role in our growth journey.
Vyvienne Wade, Chairperson of Gallagher Global Broking in Europe, Middle East, & Asia, added: “We continue to invest in our EMEA presence, and the launch of our business in DIFC will supercharge our MEA offering. Nadim, the existing ACE Re team and our new joiners all have in-depth knowledge of the specialty and facultative insurance market and make a truly talented team together with the treaty team we acquired from Willis Re last year.”
Nagib Bahous, President and CEO of MIG Holding Limited, added: “Our partnership with Gallagher goes from strength to strength. I am delighted that we have further cemented our relationship through this next step which sees Gallagher take a majority share in ACE Re DIFC, and the existing team and clients become part of the new Gallagher business. We look forward to working with the wider team in Gallagher to continue to expand the services we offer to our clients across the region.”
Partnership receives required regional regulatory approvals
17 January, 2022