Mahindra Insurance Brokers debuts its reinsurance business in Dubai

New Delhi, 3rd October 2024: Mahindra Insurance Brokers Ltd (MIBL) the insurance broking arm of Mahindra Finance, one of India’s leading Non-Banking Finance Companies, today announced the opening of its reinsurance division in Dubai. To be based out of Dubai’s International Financial Centre (DIFC), the global financial center of Dubai, this division will act as a regional hub and cater to the Middle Eastern and North African (MENA) markets.

This strategic expansion aims to tap into new market opportunities, expand the client base and drive MIBL’s regional business growth. MIBL’s Dubai division comprises of seasoned professionals with an understanding of the international market, experienced in handling reinsurance transactions while ensuring reliable, efficient, and productive services to clients.

Salman Jaffery, Chief Business Development Officer, DIFC Authority, said, “We are delighted to welcome Mahindra Insurance Brokers to DIFC. The firm joins over 125 registered insurers, reinsurers, captives, MGAs and insurance-related entities in the Centre. Our enabling world-class laws and regulations are on par with other global insurance and reinsurance hubs and will provide MIBL with the perfect platform to grow their business from Dubai.”

Vedanarayanan Seshadri, Managing Director & Principal Officer of Mahindra Insurance Brokers Ltd, mentioned, “With a substantial reinsurance business in the MENA region, MIBL will look to deliver a high level of value to clients while sustaining the growth of insurance. Our presence in Dubai will bolster the specific needs of clients looking for local presence and expertise, backed by global experience while adopting to market changes”.

MIBL has been consistently serving clients, insurers, group clients, reinsurers worldwide and the reinsurance broking fraternity across the globe. As a reinsurance Intermediary, MIBL arranges reinsurances with reputed, ably rated and financially sound reinsurers.

In recent years, DIFC has become the region’s global hub for insurance. Global insurers, reinsurers, (re)insurance brokers, captives, MGAs, Lloyd’s service companies and cover holders, consultancy companies, compliance firms, and risk management organizations are using DIFC as a strategic location to achieve growth.