DIFC-based Kay International, a boutique reinsurance intermediary and underwriting management agency, has established a wholly-owned subsidiary in the US with the aim of expanding its facultative and treaty reinsurance placement services to Latin America and the Caribbean countries.
Kay International has initiated business activities from its new office in Miami, Florida, after receiving regulatory approval from the Florida Department of Financial Services to operate as a reinsurance underwriting agency and reinsurance intermediary. This mimics the hybrid reinsurance services model that the company practices in the DIFC.
The announcement was made during the company’s fifth year corporate anniversary gala held in Dubai on 8 December 2021. Commenting on this strategic expansion, founding member and group CEO Walid Sidani said, “We have observed attractive parallels between the LatAm and Caribbean markets and the MENA region – both emerging markets are moving forward with major development and infrastructural projects – this is occurring at a time that the insurance penetration rates, although still low, are increasing. This offers us the opportunity to trade and offer quality risk capacity to ensure effective risk transfer in promising emerging markets. M