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Besso Insurance Group expands into Dubai
May 20, 2015 | Latest News
Besso Insurance Group, the independent top 20 Lloyd’s broker, is in the process of obtaining permissions to establish a reinsurance broking and Managing General Agency in the Dubai International Financial Center in Dubai.
The new Dubai entity will be a joint venture with Shaun Brook, who will become its CEO. Shaun is a Fellow of the Chartered Insurance Institute and his career in the insurance industry spans 25 years, covering the disciplines of underwriting, broking and insurance advisory services, working with Lloyd's of London, Willis, Aon and HSBC and working across the Middle East, Asia and Europe.
The major lines of business where the Dubai business expects to earn reinsurance brokerage includes accident and health insurance; property & liability; marine hull and cargo; engineering insurance; bank assurance; professional indemnity and specie covers.
Besso Group currently has a number of offices, including Turkey, Brazil and Hong Kong. The company strategy is to continue to build an international presence where appropriate opportunities present themselves.
Roddy Caxton-Spencer, Chairman Overseas Operations, Besso said:
“We have grown our portfolio of business in the Middle East and believe that now is the right time to have a local presence in Dubai. The opening of a new entity in Dubai is part of our continued strategy to expand into developing markets.
“Shaun has an impeccable reputation and has immense experience in the region and will be invaluable as we seek to grow our business in Dubai.”
Shaun Brook, CEO of the new Dubai entity, said:
“I’ve witnessed at close hand the growth of the insurance market in Dubai and the wider GCC region. Insurers expect a personal touch and the combined force of Besso, as a trusted broker, and my local knowledge and experience will enable us to provide a strong offering and to build long-term relationships with the local insurance market.”
Colin Bird, Besso Group Chief Executive, said:
“This is another exciting opportunity for Besso as we continue our expansion into new territories.”
Notes to editors
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Besso
Besso is owned by The Ardonagh Group, the largest independent insurance broker in the UK.
Ardonagh Specialty
Ardonagh Specialty is the holding company and growth platform for leading independent brokers Besso Insurance, Bishopsgate, Compass London Markets, Ed Broking, Inver Re, Piiq Risk Partners and Price Forbes. Combined, we have 1400 colleagues globally and manage $7 billion in gross written premium.
With a strong presence and deep relationships worldwide, and a steadfast commitment to investing in the best people, markets and technology, together our businesses offer open market programmes, reinsurance and international solutions designed to empower clients to achieve their strategic ambition.
The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are collection of best-in-class entrepreneurial and specialist brands with a network of more than 100 locations and a combined workforce of more than 9,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs. For more information, visit our website: www.ardonagh.com.