Africa Specialty Risks (ASR) has penned binding authority agreements with Eureka Re for its Middle Eastern and Mauritian subsidiaries.

The cost of insuring against sovereign debt defaults has risen for Gulf states despite a reduction in the average global cost, according to Chaucer.

The Middle East arm of Africa Specialty Risks (ASR) has commenced operating as a Lloyd’s service company.

International specialty MGA Rokstone has received a licence from the Dubai Financial Services Authority (DFSA) to establish a new office in Dubai International Financial Centre (DIFC).

Oman Reinsurance Company – the sole reinsurer in the Sultanate of Oman – has posted reinsurance revenue of OMR37.4mn ($97.1mn) for the first nine months of 2024, up 17 percent from the prior-year period despite heightened natural catastrophe activity in its domestic market.

Saudi Reinsurance Company realised capital gains of SAR366mn ($97.45mn) in Q3 following the sale of its stake in Probitas Holdings earlier this year, with the reinsurer posting a quarterly net insurance result of SAR53.6mn.

Gallagher is expanding its presence in the Middle East via its subsidiary Artex with the launch of a new alternative risk management solutions offering in Abu Dhabi.

WTW has expanded its presence in the Middle East after receiving a licence to act as an insurance broker in Saudi Arabia, with the new offering led by Talal Omar Bahafi.

Nick Fraccalvieri, CEO of Aon’s EMEA facultative reinsurance business, shares his observations on what is driving facultative purchasing, the underlying market conditions and how Aon is remaining at the forefront of increased competition.

Middle East escalation clauses remain a key focus of renewal discussions in the war, political violence and terrorism market, with pricing in the sector expected to soften slightly at 1 January.

Insurers are shortening coverage periods from the traditional one year to three to six months in parts of the Middle East amid concerns of further expansion of tensions in the region.

Pan-African reinsurer Africa Specialty Risks (ASR) has appointed former Lloyd’s executive Amit Khilosia as chief distribution officer.

Concerns over a wider regional escalation in the Middle East have been further exacerbated by Iran’s missile strike on Israel on Tuesday evening.

Saudi Reinsurance Company (Saudi Re) has appointed Ahmed Al-Jabr as chief executive.

MNK Group, the ultimate owner of specialist Lloyd’s broker MNK Re, has expanded its regional MGA capabilities with the launch of Specialty MGA Africa & Middle East, based in Casablanca.