Kay International AMEA Limited, a boutique Reinsurance Intermediary and Underwriting Management Agency in Dubai International Financial Centre (DIFC), announced that company has established a wholly owned subsidiary in the United States with the aim of expanding its facultative and treaty reinsurance placement services to Latin America and the Caribbean countries.
Kay International AMEA LLC has initiated business activities from its new office in Miami, Florida, after receiving its regulatory approval from the Florida Department of Financial Services to operate as a Reinsurance Underwriting Agency and Reinsurance Intermediary. This mimics the hybrid reinsurance services model that the company practices in the DIFC, United Arab Emirates.
The announcement was made during the company’s 5th year corporate anniversary gala held in Dubai on December 8. Commenting on this strategic expansion, Walid Sidani, Founding Member and Group CEO, stated: “we have observed attractive parallels between the LatAm and Caribbean markets and the MENA region - both emerging markets are moving forward with major development and infrastructural projects - this is occurring at a time that the insurance penetration rates, although still low but increasing. This offers us the opportunity to trade and offer quality risk capacity to ensure effective risk transfer in promising emerging markets.
“Equally strategic for Kay International AMEA Limited is that the company now operates from two significant and global reinsurance hubs (Dubai and Miami), which facilitate International financial trade within robust and regulated business environments. We are proud to play a part in building a reinsurance risk transfer bridge between two highly reputed financial and reinsurance hubs.”
The event was attended by insurance and reinsurance executives from throughout the regions that Kay International AMEA serves, its board of directors, and staff. Also present at the commemoration event was Arif Amiri, CEO of DIFC Authority, Salmaan Jaffery Chief Business Development Officer for the DIFC Authority, and Fred E. Karlinsky of GreenbergTraurig, P.A. who serve as Corporate and Legal Advisors for Kay International AMEA LLC.
Jimmy Patronis, CFO of the State of Florida, and Head of the Florida Department of Financial Services said, “As people in business know Florida is the gateway to Latin America, and I’m excited to welcome Kay International AMEA LLC as they expand their operations to the Sunshine State. Florida is open for business and I am glad they chose Florida for continued expansion and investment. Through prudent fiscal management and an emphasis on economic growth, Florida has a business climate where industries from all over the world not only survive but thrive. As state CFO, I welcome you to the great State of Florida, where we value our job creators and we are always open for business.”
Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, commented: “Kay International is a great example of how DIFC offers great opportunities for growth and prosperity by maintaining the world-class international standards in the financial services sector. We are proud to see Kay International, an independent managing general agent and reinsurance broker, expanding globally after a strong start in DIFC. As a recognised reinsurance hub, DIFC will continue to support Kay International as well as other financial institutions in achieving its aspirations at local, regional and global levels.”
GreenbergTraurig, P.A. who serve as Corporate and Legal Advisors for Kay International AMEA LLC were led by Fred E. Karlinsky, Shareholder and Co-Chair of the Insurance Regulatory and Transactions Practice.
The Kay International AMEA LLC office is situated in the heart of Miami with the ability to connect to any South American country within four hours of flight time. The company becomes the first Reinsurance intermediary and underwriting agency established in the DIFC that went westward to establish their second regional hub in the State of Florida.