Oman Insurance Co. (OIC) and Asta, the third-party managing agent at Lloyd’s, announced that OIC’s syndicate 2880 has received Lloyd’s approval to commence underwriting. Syndicate 2880 was launched under the syndicate-in-a-box (SIAB) initiative and the syndicate will operate on the Lloyd’s platform under the Dubai International Financial Centre (DIFC).
OIC, based in Dubai, is one of the leading insurers in the Gulf Cooperation Council (GCC), providing lead and follow capacity on regional and international facultative business. OIC is the first SIAB to operate outside of London, with Lloyd’s Dubai’s support from the DIFC. This unique feature will further strengthen OIC’s position and support Lloyd’s Dubai’s plans to develop more regional distribution of capacity.
“I am thrilled that syndicate 2880 has received formal approval to begin underwriting; it will enable us to grow further our international platform, become a fully-established Lloyd’s carrier and diversify the risks on our balance sheet,” commented Jean-Louis Laurent Josi, OIC CEO. “I want to thank Asta, our managing agent, for all their assistance in helping us get approval so quickly and efficiently.”
“We are very pleased that OIC has received Lloyd’s approval to start underwriting so swiftly. Considering they are the first SIAB in the Gulf region, it is an impressive turnaround and reflects the strength of their offering and the professionalism of their team, as well as the flexibility of the SIAB framework,” said Asta chief executive officer’ Julian Tighe.
Asta Managing Agency Ltd. is responsible for 12 Lloyd’s syndicates, one special purpose agreement (SPA) and two syndicates-in-a-box with capacity under management in 2022 of more than £1.4 billion. Asta Underwriting Management Ltd. (AUML) currently manages four MGAs.
Established in 1975, Oman Insurance Co. has operations across all emirates in the UAE as well as in Oman and Turkey. The company provides a wide range of insurance solutions for individuals and enterprises in life, medical and general insurance.
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