Nexus said it is currently awaiting a licence to begin operations in both jurisdictions, but hoped to open an administration office in Lebanon by year-end, with a Kuwait office to follow closely behind.
“Our expansion plans follow a set strategy,” said Tarun Khanna, deputy chief executive of Nexus Group. “We intend to offer our usual high standards of service to clients, including life, savings and general insurance products drawn from licensed providers.”
Nexus, which has offices in Dubai, Abu Dhabi, the Kingdom of Bahrain and Qatar, said it hoped to grow its general insurance business from $10m to between $40m and $50m within the next five years.
Khanna added: “Nexus favours these locations as both have strong economies and it is also intended that we will recruit local talent at both these places, providing employment opportunities. Further, people will be recruited from these locations for roles in other parts of the Nexus Group.”
