UAE: Misr and SHIELDS start operations at DIFC
Source: Middle East Insurance Review | Nov 2017
United Arab Emirates Reinsurance Brokers
Egypt’s largest insurer Misr Insurance and a new reinsurance intermediary, SHIELDS Reinsurance Brokers, have both received licences from the Dubai Financial Services Authority (DFSA) to operate in the DIFC.
Misr Insurance said the Dubai branch will be the newest addition to the company’s regional growth strategy, including offices in Kuwait, Qatar and Egypt. The branch will be led by Mr Khaled Abdel Sadek and will provide clients with access to rated security and world-class expertise in oil and gas, construction, power, property, liability, aviation and engineering.
With more than 25 years of experience in the industry, Mr Sadek started his career in Misr insurance Cairo, leading the oil and gas department and being a nominated board member. He then worked for reinsurers in Dubai before returning to Misr insurance to take on the role of Senior Executive Officer of the Dubai Branch.
SHIELDS is an independent broker specialised in treaty and facultative reinsurance as well as financial and catastrophe modelling using advanced technologies to help insurers and reinsurers quantify their exposures and make informed decisions.
Mr Ahmed Rajab, founder and CEO of SHIELDS, has more than 20 years of reinsurance experience in MENA. He started his career as a reinsurance underwriter at SOREMA Paris, then worked at Willis Re for 11 years as Regional Director for MENA; he then joined Aon Benfield as CEO for MENA for five years.
Mr Rajab said: “Each professional client is unique and deserves a customised solution. We have analytics resources and we have access to reinsurers across Europe, Middle East, Africa, Asia, the US and Bermuda, allowing SHIELDS to select and design the most adequate reinsurance solutions with first-class carriers.” M