UAE: StarStone joins forces with specialist MGA to establish hub
Source: Middle East Insurance Review | Mar 2017
Global specialty insurer StarStone, a subsidiary of Bermuda-headquartered Enstar Group, has announced a joint-venture partnership with Malakite Underwriting Partners, a Managing General Agent (MGA) in Dubai, subject to regulatory approval.
Led by Managing Partner Giles Hussey, Malakite will target specialty business in the MENA region and initially offer flexible multi-class insurance for energy, marine and property terrorism risks.
Lloyd’s Syndicate 1301, managed by StarStone Underwriting, will be Malakite’s lead capacity provider, with the remainder supplied by other participating Lloyd’s syndicates.
Mr Hussey joins from Swiss Re with more than 14 years of experience in the Middle East, where he served as head of MENA of Swiss Re Corporate Solutions. Before that, he was CEO, Middle East & Asia at Lancashire Insurance, following an extensive broking career with JLT and Marsh.
Mr Tim Fillingham, CEO of StarStone Insurance Services, and Mr Simon Schnorr, StarStone’s global head of marine, will join the board of Malakite, assuming the additional roles of Chairman and Director, respectively.
“The competitive market has created a dynamic environment for flexible carriers with the ambition and expertise to build new businesses. With a MENA presence in Malakite, StarStone and its partners can swiftly deploy their capabilities across key growth markets while at the same time move closer to client,” said Mr Fillingham.