Oman Insurance Company (OIC) and Lloyd’s third-party managing agent Asta have announced that OIC’s syndicate 2880 has received Lloyd’s approval to commence underwriting.
The syndicate, which was launched under the syndicate-in-a-box (SIAB) initiative, will operate on the Lloyd’s platform under the Dubai International Financial Centre (DIFC).
Dubai-based OIC provides lead and follow capacity on regional and international facultative business. It is the first SIAB to operate outside of London, with Lloyd’s Dubai’s support from the DIFC. OIC said that this feature will further strengthen its 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,” said Jean-Louis Laurent Josi, OIC chief executive. “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. 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,” said Julian Tighe, Asta CEO. “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.”