International specialty re/insurance managing general agent (MGA) Rokstone has received regulatory licensing from the Dubai Financial Services Authority (DFSA), the independent regulator for business within or from the Dubai International Financial Centre (DIFC).
Rokstone says that this licensing enables the company to expand its operations in the Middle East and North Africa (MENA) region through its new DIFC office, aligning with the company’s strategic growth objectives.
The new Rokstone Dubai office will aim to capture business from the MENA region that previously bypassed London markets, extending its services to regional insurers that lack access to Rokstone’s distribution network in London.
Initially, the focus will be on offering specialty risk solutions in direct and facultative property, construction, aviation, marine cargo, and surety. These offerings tap into the rapidly growing insurance market within the UAE, where there is increased interest in placing more specialty business in the wider MENA region.
Rokstone said that it plans to potentially add other products from its existing portfolio, depending on market demand and distribution dynamics. Currently staffed with a team of seven, the Dubai office has plans to increase its workforce in the coming months and is backed by A-rated capacity from long-term carrier partners.
James Potter (pictured above), CEO of Rokstone, expressed enthusiasm about the launch of the Dubai office, describing it as an opportunity to bring the MGA model to MENA.
“There is a good talent base there and a well-connected transport hub for the region. With its current favorable economic policy, high level of investment, and demand for high quality reinsurance underwriting, Dubai is well suited to an established, yet nimble MGA like Rokstone,” he said.
Potter pointed to Rokstone’s expertise, technology use, and disciplined approach as advantages for brokers and carriers in the region.
Salmaan Jaffery, chief business development officer at the DIFC Authority, highlighted DIFC’s role in supporting Rokstone’s expansion in the MENA market.
“As one of the fastest growing MGAs, Rokstone brings capacity and expertise to the region and expands their services from the ground more effectively, supporting the growth of DIFC’s re/insurance sector and positioning the Centre as a global hub for the industry,” Jaffery said.
Jaffery said that MGAs like Rokstone, which now account for over 40% of DIFC’s reinsurance sector, benefit from DIFC’s regulatory framework, partnership potential, and evolving risk landscape in an underdeveloped regional market.
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