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EXCLUSIVE: RGA Confirms Entry Into Middle East Market

RGA has revealed it is to open its first office in the Middle East this year.

Scott Rastin, RGA vice president for new market development, said the reinsurer is currently in the process of recruiting staff to head up its Middle East operation, and it plans to open an office in Dubai this year.

 “We have been visiting the market on a monthly basis for the past 18 months and we have at least a dozen companies across Dubai, Bahrain, Egypt and Jordan who we have been doing business with”, Rastin said. He added: “We’re in the recruiting process right now and have identified a short list of candidates from which we’ll hire an individual to lead our operation locally. We have also begun the process of setting up an office. We’re close to beginning the filing process and are focused on opening this year.”

Currently there are 25 different reinsurance companies operating in the Middle East and north Africa. In the face of tough competition, Rastin said: “RGA is a very technical and global company so we can provide a lot of support. Having a local presence will give us a nice position where we are able to really assist companies as they consider product development, their underwriting processes or when they are thinking about their distribution channels.

“If you look at the number of multinational companies in the region, there are many of them. One of our philosophies is to support our multinationals clients around the world where they conduct their business. But, our strategy is not focused on the multinationals to the exclusion of the locals, we actually have a very strong focus and effort to support the local companies also.”