Insure Direct (Brokers), the Dubai-based leading supplier of insurance broking services, enhanced its operations in the Abu Dhabi market after recently finalising a management service agreement with Lloyd & Co (Emirates), independent insurance brokers based in the capital.
The alliance has established a premier brokerage platform for all classes of insurance in Abu Dhabi covering an extensive client base. Lloyds’ strategic position in the market has strengthened Insure Direct, providing a combined leverage to target new and under-tapped sectors of customers through innovative products.
Insure Direct had earlier acquired the management control of Lloyd & Co (Emirates), aiming to build up on Lloyd’s strong market presence and product range, which has made it a leading player in the sector.
Kenneth George Maw, President and Chief Executive, Insure Direct, said: “The alliance with Lloyd & Co has considerably strengthened Insure Direct’s position in the market. Our new strategies are focused on long-term prospects and based on the current industry trends. Lloyd’s existing market advantage has provided us with a highly potential area for growth and an opportunity to explore possibilities for new products that meet the specific needs of our customers.”
Phil Graham, who heads the project as the new Chief Executive Officer, said: “The agreement opens ways to explore the insurance market here with a new perspective. Since the ground is already familiar and the operation maintains a healthy momentum, more attention can be given to expanding the product range. We have a strategic operational edge in the insurance market in Abu Dhabi, which has made by this alliance very promising. Insure Direct’s product clout will support our own goals. This move will benefit not only the two sides, but also customers as the focus will be on expanding our product range.”
Under the agreement signed recently in Abu Dhabi Insure Direct will provide Lloyd with management services and operational support for further upgrading its systems and procedures to international standards and make it a brokerage of first choice.
Lloyd has been handling a large volume of business with leading domestic and international insurers, enjoying strategic advantage in the highly competitive insurance and reinsurance market in Abu Dhabi. The brokerage specialises in providing risk management and insurance solutions to corporate clients with emphasis on cost effectiveness.
Insure Direct has been working closely with Lloyd & Co (Emirates) for over 18 months by establishing a separate employee benefits team within their operation, which has already excelled in terms of building up a substantial book of business.
The initiative is part of Insure Direct’s strategic expansion of business operations through delivering competitive and quality services in insurance and reinsurance brokerage. Late last year the company merged with Independent Risk Solutions BV (IRS), specialist brokerage firm based in Rotterdam, the Netherlands, which opened access to key new sectors including marine, energy, construction and related liability insurances.
In 2008 Insure Direct acquired PWS International Ltd, Bahrain and has since expanded the company into a leading branch offering insurance brokerage services to clients in Bahrain.
The company was recently named Commercial Lines Broker of the Year 2009 at the inaugural Gulf Insurance Awards instituted by Gulf Insurance Review (GIR) magazine. The award recognised Insure Direct’s facilitation of significant new partnerships, development of existing long term relationships, innovation in niche markets and activity in underserved areas of the regional market.
Insure Direct was named Best Broker in the Middle East at the Euromoney Insurance Awards 2009 where it also won the Best Favourable Contracts and Best in Efficiency awards, proving its all-round service excellence.
Lloyd & Co. (Emirates) started operations in 2006. The company together with Insure Direct, has technical agreements with major risk management and insurance consultants in the Global insurance market, providing it with access to advanced insurance solutions and specialised professional services that are not normally available in the GCC markets.
