Rokstone, the International Speciality (Re)Insurance MGA, part of the Aventum Group, has received a regulatory licence from the Dubai Financial Services Authority (DFSA), the independent regulator for business conducted within or from Dubai International Financial Centre (DIFC).
The licence enables Rokstone to expand its services in the region through its new DIFC office, marking a significant step forward in the firm’s strategic growth ambitions.
Rokstone Dubai will capture regional business in MENA not currently coming to London and expand Rokstone’s offering to regional carriers who cannot access its distribution in London.
Initially, it will focus on offering Specialty Risk solutions in Direct & Facultative Property, Construction, Aviation, Marine Cargo and Surety. Taking advantage of the fast-growing insurance market in the UAE, and a tangible desire to place more speciality business in the MENA region as a whole, other products from Rokstone’s existing portfolio may be added in future as local distribution and market dynamics dictate.
There is currently a team of seven in the new office with plans to expand headcount significantly in the coming months. Rokstone Dubai is supported by a strong selection of A-rated capacity from long-term carrier partners.
James Potter, CEO of Rokstone, said: “We are excited to officially launch our Dubai office, expanding our MGA model to MENA. Dubai and DIFC are a growing and thriving regional hub which opens up new distribution to regional markets. There is a good talent base there and a well-connected transport hub for the region.
“With its current favourable 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. Our specialist knowledge, use of technology, and our disciplined approach means we have a lot to offer both brokers and carriers operating in the region.”
Salmaan Jaffery, chief business development officer, DIFC Authority, said: “We welcome Rokstone to DIFC and look forward to helping them capture opportunities in the region. As one of the fastest growing MGAs, Rokstone brings capacity and expertise to the region and expand 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.
“Within DIFC, MGAs including Rokstone now account for over 40 per cent of the sector, who are thriving because of opportunities in an underpenetrated regional market, our legal and regulatory framework, potential partnership opportunities, as well as an evolving risk environment.”
Rokstone is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa and the Middle East.
