Mahindra Insurance Brokers launches its new reinsurance division in DIFC

Dubai, 3 October 2024: Mahindra Insurance Brokers Ltd., part of the Mahindra Group, has announced the opening of its reinsurance office at Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. 

The set-up of a new regional division enables the company to cater to the Middle East and North Africa market. This expansion aims to tap into new market opportunities, expand the client base and drive regional business growth. Mahindra Insurance Brokers has an experienced team with international exposure, offering expertise in reinsurance transactions and providing reliable, efficient, and effective services to its clients. 

Mahindra Insurance Brokers started operations in 2004. After establishing retail and direct business, Mahindra Insurance Brokers obtained a composite licence to start their reinsurance business in 2012. Since then, Mahindra has been serving Indian 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 to help insurance companies protect their capital and balance sheet. 

Vedanarayanan Seshadri, Managing Director & Principal Officer of Mahindra Insurance Brokers Ltd., stated, “In the MENA region, our goal is to deliver a substantive level of value to our clients within the reinsurance broking industry. Reinsurance capacity for the MENA region is substantial, local cedants maintain a strong culture of reinsurance protection to sustain the growth of insurance. With increasing opportunities in high value risks across various sectors, these clients seek local presence and expertise, backed by global experience adapting to market changes and improving our offerings – precisely what we aim to provide.”

Salman Jaffery, Chief Business Development Officer of 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 Mahindra with the perfect platform to grow their business from Dubai.”

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