Middle East: Fenchurch Faris appointed Lloyd's coverholder
Source: Middle East Insurance Review | Oct 2015
International insurance broking and consultancy firm, Fenchurch Faris, has been appointed a coverholder at Lloyd’s, as of August 2015.
In a statement, Mr Rafat B Faris, the company’s Executive Director, said: “We are thrilled to be appointed a cover holder at Lloyd’s. Athough we have several long running facilities and line slips and are an integral part of the Gallagher Global Alliance, I have full confidence that this latest development will only accelerate our move forward in growing our products and services.”
Coverholders allow Lloyd’s syndicates to operate in a region or country as if they were a local insurer. This is achieved by Lloyd’s syndicates delegating their underwriting authority to coverholders.
Fenchurch Faris has also launched a new office in Muscat. The outfit, Fenchurch Faris Insurance Services, is now fully operational and transacts direct and wholesale insurance broking services for the Omani market.
Mr Faris said: “Our new company in Oman will enable Fenchurch Faris to better serve its expanding clientele in the Sultanate and to expand its offerings and services in a growing market.”
The company has appointed Mr S Ramasubramanian as the General Manager of Fenchurch Faris Insurance Services in Muscat.
Fenchurch Faris, whose main office is in Athens, also has offices in the UAE, Jordan, Kuwait and Saudi Arabia. The firm was established in 1984 as a joint venture between Mr Basim Faris, its Managing Director, and Fenchurch plc (now Arthur J Gallagher).