Besso Insurance Group expands into Dubai
Besso Insurance Group, the independent top 20 Lloyd’s broker, is in the process of obtaining permissions to establish a reinsurance broking and Managing General Agency in the Dubai International Financial Center in Dubai.
The new Dubai entity will be a joint venture with Shaun Brook, who will become its CEO. Shaun is a Fellow of the Chartered Insurance Institute and his career in the insurance industry spans 25 years, covering the disciplines of underwriting, broking and insurance advisory services, working with Lloyd’s of London, Willis, Aon and HSBC and working across the Middle East, Asia and Europe.
The major lines of business where the Dubai business expects to earn reinsurance brokerage includes accident and health insurance; property & liability; marine hull and cargo; engineering insurance; bank assurance; professional indemnity and specie covers.
Besso Group currently has a number of offices, including Turkey, Brazil and Hong Kong. The company strategy is to continue to build an international presence where appropriate opportunities present themselves.
Roddy Caxton-Spencer, Chairman Overseas Operations, Besso said:
“We have grown our portfolio of business in the Middle East and believe that now is the right time to have a local presence in Dubai. The opening of a new entity in Dubai is part of our continued strategy to expand into developing markets.
“Shaun has an impeccable reputation and has immense experience in the region and will be invaluable as we seek to grow our business in Dubai.”
Shaun Brook, CEO of the new Dubai entity, said:
“I’ve witnessed at close hand the growth of the insurance market in Dubai and the wider GCC region. Insurers expect a personal touch and the combined force of Besso, as a trusted broker, and my local knowledge and experience will enable us to provide a strong offering and to build long-term relationships with the local insurance market.”
Colin Bird, Besso Group Chief Executive, said:
“This is another exciting opportunity for Besso as we continue our expansion into new territories.”