Bahrain regulated reinsurer Arab Insurance Group (Arig) has received a license from Dubai Financial Services Authority to operate its wholly-owned new reinsurance subsidiary Arig Insurance Management (AIM).
AIM will mainly focus on facultative specialty lines with underwriting authority from Arig.
Arig has also announced the appointment of Jehan Dias as senior executive officer to lead the business operation of the new subsidiary, according to a report on Middle East insurance website Intelligent Insurer.
Dias is a Swiss national with over 14 years in reinsurance. Prior to joining Arig, he served as head of facultative at Gulf Re.
Yassir Albaharna, chief executive of Arig, said: “The recent upgrade in our rating along with the physical presence in the DIFC (Dubai International Financial Centre) will reinforce Arig’s position on the facultative side which is the main target for expansion.”
Arig’s subsidiaries include Takaful Re (Dubai), Gulf Warranties (Bahrain), Arig Capital (UK) and Arig Insurance Management (DIFC).