Specialty MGA Africa & Middle East, a new provider of bespoke (re)insurance solutions, has launched with a new office in Casablanca after receiving approval from the Moroccan Minister of Finance.
The new office will help those in the region access additional capacity for specialty lines of business and hard-to-place risks.
Specialty MGA Africa & Middle East is hiring local underwriters, who will work across various business lines, including international property, energy, cyber, forestry and surety, among others. They will act as a bridge between the local market and the London Market, offering brokers easy access to outstanding underwriting professionals with a deep understanding of their sector.
Casablanca is Specialty MGA Africa & Middle East’s first representative office in the region and the agency is planning to launch additional offices, which will leverage global expertise and local knowledge to deliver innovative risk management solutions. Potential locations for additional offices include Johannesburg, Dubai and Nairobi.
Specialty MGA Africa & Middle East, headquartered in London, is led by Youssef Fassi Fihri, who has more than 30 years of experience in the market. Mr Fihri is the CEO of Specialty MGA Africa & Middle East.
Previously, he was CEO of Société Centrale de Réassurance in Casablanca, where he was successful in developing international markets in the Middle East and Asia and building a major presence across Africa.
Mr Fihri said, “Having local knowledge means that we are best-placed to provide real value for our clients through unique solutions that meet their specific needs.
“We want to expand and have a significant appetite for risk. Businesses in this region are growing quickly and eager for coverage, so there is a significant opportunity. Complex projects in sectors like energy require underwriting expertise and are demanding much more capacity. We will work closely with clients to ensure that they receive speedy and predictable services which significantly reduce their cost of risk.”
The Specialty MGA Africa & Middle East is part of the Specialty Management Group, which includes sister companies such as Specialty MGA UK, Specialty MGA Italy and Specialty MGA Texas, all providing local underwriting expertise. Last year, the Group expanded its footprint by acquiring Oceánica de Seguros, further strengthening its insurance and reinsurance operations in Central and Latin America.
Specialty MGA Africa & Middle East is an MGA based in London, with a focus on providing additional capacity for specialty lines of businesses and hard to place risks. Specialty MGA Africa & Middle East provides all line services and is backed by rated securities, with more securities currently being added to the panel of reinsurers.