Gallagher has launched a new business in the DIFC to support clients across the Middle East and Africa (MEA) with its 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 (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 (DIFC) 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 expand further and maximise the growth opportunities available in the region.
The new business is headed by senior executive officer Nadim Semaan, subject to regulatory approval. He 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 Mr Julian Samengo-Turner who has joined from Willis Limited DIFC as head of Middle East and Africa; Mr Daniel Miller who has joined from Aon as divisional director of financial lines; Mr Alastair Climie who has joined from WTW as director of natural resources; Mr James Excell who will join as regional director for Sub-Saharan Africa from WTW; and Mr Ziad Seifeddine who also joins from WTW as divisional director of specialty lines. Messrs Nick Peters and Bard Poulsson will move from Gallagher’s London-based specialty team to lead the marine practice and Mr 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 has operations in Saudi Arabia, Bahrain, the UAE, Oman, Kuwait and Lebanon to serve 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 Mr Chems-Eddine Kassali as head of MENA and will be part of the Gallagher Re global business. M