Specialty MGA firm Optio Group has announced that it will ascertain MGA and reinsurance broking businesses in Dubai, subject to final permissions from UAE regulatory authorities.
Optio expects both operations to be operational by the start of 2023, with an initial focus on accident and fitness insurance. Optio also said it intends to enter political violence and terrorism, marine war, kidnap and ransom, and financial lines insurance in the nation in due course, drawing on the wider group’s specialty expertise.
The company has made two senior appointments to supervise the expansion in Dubai. Ahmed Ramadan has been appointed as chief executive officer and Moayyad Abu Hayyeh has been called the chief underwriting officer, accident and health. Both joined from Besso Re Middle East, where they served as governing directors and CEO, respectively. They report to David Robinson, Optio’s managing director.
“The launch of Optio Dubai marks a significant step in our geographic expansion,” said Matthew Fosh, executive chairman of Optio Group. “Both Dr. Ahmed and Moayyad are experienced, highly regarded industry figures who will be outstanding additions to our business. With clients already in the UAE, our physical existence allows us to expand our service offering over more products and businesses across the region.”
