Flagstone Reinsurance Holdings Limited, a global reinsurance company, has announced that it has been granted authorized status for its subsidiary, Flagstone Underwriters Middle East LTD to operate in the Dubai International Financial Centre (DIFC).
Launched in 2005, Flagstone specializes in property, property catastrophe,
specialty and select short-tail reinsurance risks. With over $1 billion in statutory
capital, Flagstone is headquartered in Bermuda and has subsidiaries in Switzerland,
Canada, India and the UK. Flagstone has "A-" financial strength ratings
from both A.M. Best and Fitch Ratings, and "A3" ratings from Moody's
Investors Service.
Flagstone Underwriters Middle East Limited will be headed by CEO, Irshied Tayeb,
who joined Flagstone in July. The new office will focus on regional property,
property catastrophe and specialty line business.
Mark Byrne, Chairman of Flagstone, commented: “We are pleased to have completed the formalities to obtain a license for our new subsidiary. Irshied Tayeb will be seeking property and specialty lines business in the region which meets our parameters for data quality. The capacity offered is that of our Swiss subsidiary, Flagstone Reassurance Suisse SA, which benefits from a full parent company guarantee, and 3 credit ratings from major international agencies. We are grateful to the DFSA and DIFC for their efficient processing of our application, and we look forward to working with them for the future success of Flagstone and our MENA clients.”
Nasser Al Shaali, CEO of the DIFC Authority added: “Flagstone is recognised for its cutting-edge technical excellence and industry expertise and brings specialized expertise to the reinsurance sector at the DIFC. Flagstone is a welcome addition to the reinsurance industry already established here and reflects the growth and development of this field in the Middle East.”
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