Rokstone, an international speciality (re)Insurance MGA and part of the global (re)insurance group Aventum, has received a regulatory licence from the Dubai Financial Services Authority (DFSA).
The licence enables Rokstone to expand its services in the region through its new DIFC office, marking a significant step forward in the firm’s strategic growth ambitions, according to an announcement posted on the DIFC website.
Rokstone Dubai will capture regional business in MENA not currently coming to London and expand Rokstone’s offering to regional carriers who cannot access its distribution in London. Initially, it will focus on offering Specialty Risk solutions in Direct & Facultative Property, Construction, Aviation, Marine Cargo and Surety. Taking advantage of the fast-growing insurance market in the UAE, and a tangible desire to place more speciality business in the MENA region as a whole, other products from Rokstone’s existing portfolio may be added as local distribution and market dynamics dictate. There is currently a team of seven in the new office with plans to expand the headcount significantly in the coming months.
Positioned for Growth
Mr James Potter, Rokstone CEO, said, "Dubai and the DIFC are a growing and thriving regional hub which opens up new distribution to regional markets. With its current favourable economic policy, high level of investments and demand for high-quality reinsurance underwriting, Dubai is well suited to an established yet nimble MGA like Rokstone."
Mr Salmaan Jaffery, chief business development officer of DIFC Authority, said, “As one of the fastest growing MGAs, Rokstone brings capacity and expertise to the region and expands its services from the ground more effectively, supporting the growth of DIFC’s (re)insurance sector and positioning the Centre as a global hub for the industry. Within DIFC, MGAs including Rokstone now account for over 40% of the sector, who are thriving because of opportunities in an underpenetrated regional market, our legal and regulatory framework, potential partnership opportunities, as well as an evolving risk environment.”
Rokstone has offices in the UK, Europe, USA, Asia, Africa and the Middle East. It currently underwrites more than $1.1bn GWP in several specialty lines including Property, Power Generation, Marine, Aviation, Warranty, Credit & Surety Treaty, Agriculture, Construction & Engineering, A&H, Contingency, Liability, and Sports & Leisure.