MS Amlin expands DIFC presence with MENA credit and political risk launch

MS Amlin is launching credit and political risk in Dubai, as part of plans to expand its underwriting footprint in the Middle East and North Africa (MENA).

To lead its entry into the class, MS Amlin MENA has appointed Osama Elshiekh as senior underwriter for credit and political risk, reporting to Vipul Gupta, senior executive officer for MS Amlin MENA.

Elshiekh ([pictured) joins from The Hartford, in the US, where he served as a senior underwriter.

Prior to that, he held several senior underwriting roles at the Islamic Corporation for the insurance of investment and export credit, including country manager for the UAE.

MS Amlin said the move marked the continued expansion of its underwriting hub in Dubai.

In recent years, the insurer has added financial lines and marine cargo to its existing marine hull and political violence offerings.

Last year, MS Amlin celebrated a decade in Dubai, having established it presence at the Dubai Internation Financial Centre in 2014.

“This launch is another significant milestone in the growth of our Dubai operations and reflects MS Amlin’s broader ambition to expand its global underwriting footprint,” Gupta said.

“As MENA’s economies continue to grow, cross-border trade and investment are driving greater demand for credit and political risk coverage. Establishing this new class of business enhances our ability to support clients navigating an increasingly complex geopolitical landscape.

“With his deep expertise and strong market relationships, Osama will be a valuable addition to our team. His appointment underlines our long-term commitment to MENA and to helping clients trade with confidence in this dynamic region.”

Demand for credit and political risk cover is primarily being driven by the two of the Middle East’s biggest economies – the United Arab Emirates and Saudi Arabia, he noted.

“These countries are undergoing a transformation as they diversify their economies, which is creating huge opportunities in sectors from financial services to tourism and technology,” he said.

“In turn, we’re seeing rising demand for credit and political risk cover from international investors and regional companies expanding across borders.”

He also highlighted India and Africa as two emerging growth hotspots.

“We see exciting opportunities in India, and on the African continent, which are both experiencing a significant influx of foreign investment. We believe this will create growing demand across a number of speciality lines, most notably credit and political risk,” Gupta added.