Advantage Reinsurance Management Ltd. Expands Global Footprint
Managing general agent Advantage Reinsurance Management Ltd., known as Advantage Re, has joined the Dubai International Financial Centre (DIFC), thereby expanding its presence in the global reinsurance market. The company made this announcement recently, highlighting its strategic move to enhance its international platform.
The DIFC, a prominent financial and insurance hub in the Middle East, welcomed Advantage Re, noting that the addition supports its position as a reinsurance platform for global business. Akhilesh Jain, senior executive officer of Advantage Re, stated that establishing a base in the DIFC provides the firm with a strategic platform to conduct international reinsurance activities with agility, regulatory credibility, and access to developed markets.
Advantage Re specializes in the property and casualty space, focusing on correcting market inefficiencies in regional markets. The company underwrites across various segments, including niche and specialty lines, surety and bonds, agriculture, and parametric products. This strategic expansion into the DIFC follows a period of significant growth in the center’s reinsurance activity. In 2023, the DIFC reported $2.6 billion in gross written premiums, its highest in two decades, representing a 23% increase from the previous year.
The number of insurance and reinsurance firms registered at the DIFC has also seen a substantial increase, with a 20% rise in registrations during the year. Notably, managing general agents (MGAs) accounted for 43% of new entrants, indicating a growing trend in this sector. The center currently hosts more than 120 licensed insurance-related entities, including insurers, reinsurers, captives, and MGAs.
Advantage Re’s decision to join the DIFC aligns with the center’s growing appeal to reinsurance businesses. Recent entrants to the DIFC include Rokstone and Mahindra Insurance Brokers Ltd., which have also established reinsurance operations in Dubai. This development underscores the DIFC’s role as an emerging hub for reinsurance activities in the region.
