Dubai International Financial Centre (DIFC), the financial centre in the Middle East, Africa and South Asia (MEASA) region, has granted an operating licence to Sukoon’s Syndicate 2880.
UAE insurer Sukoon – formerly known as Oman Insurance before rebranding in early 2022 – is the first syndicate-in-a-box (SIAB) to operate outside of London with the support of Lloyd’s DIFC.
The new entity will now operate under the DIFC platform and exclusively underwrite business on behalf of the syndicate. This bolsters Sukoon’s position and supports Lloyd’s Dubai’s plans to develop additional regional distribution of capacity.
Amey Masurkar, SEO and syndicate manager, leads the office while Mike Davies heads international marine and international business development. Christopher Wildee will also remain the active underwriter along with a team of dedicated syndicate underwriters.
Back in March, Sukoon and Asta, a third-party managing agent at Lloyd’s, announced that Sukoon’s Syndicate 2880 gained Lloyd’s approval to commence underwriting. Sukoon means ‘peace of mind’ in Arabic, Urdu and Hindi.
Excitement at licence
Jean-Louis Laurent Josi, CEO of Sukoon, said: “We are excited to have our Lloyd’s Syndicate operations in DIFC. With the ability to exclusively underwrite business for the syndicate, we will be able to diversify the risks on our balance sheet and further strengthen our position as the insurer of choice in the region. I would like to thank Lloyd’s Dubai, DIFC, DFSA and our partner, Asta for their support in realising this important milestone.”
DIFC’s chief business development officer Salmaan Jaffery, adds: “We are pleased that Sukoon’s Syndicate 2880 has chosen DIFC to strengthen its operations in the UAE and the region. DIFC is the largest insurance hub in the region, and home to more than 100 registered insurers, reinsurers, captives and insurance-related entities, including Lloyd’s.
“We are committed to growing the sector further by attracting new clients and helping existing clients grow their business. We are particularly keen on promoting innovation such as SIAB, which we think will help augment the talent base and bring additional depth to the industry.”
Established in 1975, Sukoon provides insurance solutions to more than 800,000 individuals and commercial clients in healthcare, motor, life and general (property, energy, engineering, aviation, marine and liability) insurance. Sukoon has operations across all Emirates in the UAE as well as in Oman.
In December, Sukoon also launched ‘Health Extend’ which helps UAE employers to limit their budget while giving employees the freedom to add specific covers according to their own needs.