Mumbai-headquartered Mahindra Insurance Brokers, part of the Mahindra Group, has announced the opening of its reinsurance office at Dubai International Financial Centre (DIFC), according to a statement posted on the DIFC website.
The set-up of a new regional division enables the company to cater to the Middle East and North Africa market. This expansion aims to tap into new market opportunities, expand the client base, and drive regional business growth.
Mahindra Insurance Brokers started operations in 2004. After establishing retail and direct business, Mahindra Insurance Brokers obtained a composite licence to start their reinsurance business in 2012. Since then, Mahindra has been serving Indian clients, insurers, group clients, reinsurers worldwide, and the reinsurance broking fraternity across the globe.
Mr Vedanarayanan Seshadri, managing director and principal officer of Mahindra Insurance Brokers, said, “Reinsurance capacity for the MENA region is substantial, and local cedants maintain a strong culture of reinsurance protection to sustain the growth of insurance. With increasing opportunities in high-value risks across various sectors, these clients seek local presence and expertise, backed by global experience adapting to market changes and improving our offerings – precisely what we aim to provide.”