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UAE insurer Scoon (formerly known as Oman Insurance before rebranding in early 2022) is the first syndicate in a box (SIAB) to operate outside London with the backing of Lloyd’s DIFC. ) is.
The new entity will now operate under the DIFC platform and will exclusively undertake business on behalf of the syndicate. This will strengthen Scone’s position and support plans to develop additional regional distribution of Lloyd’s Dubai’s capabilities.
Amy Musker SEO and Syndicate Manager, Head of Office Mike Davis Head of International Maritime and International Business Development. Christopher Wildee remains an active underwriter with a dedicated team of syndicate underwriters.
Back in March, Scoon and AstaSukoon’s, Lloyd’s third party managed agent Syndicate 2880 Got Lloyd’s approval to begin underwriting. Sukhoon means “peace of mind” in Arabic, Urdu and Hindi.
Jean-Louis Laurent Joshi, Sukoon’s CEO said: The ability to exclusively underwrite the syndicate’s business will allow us to diversify our balance sheet risk and further strengthen our position as the insurer of choice in the region. Lloyds would like to thank Dubai, DIFC, DFSA and our partner Asta for helping us achieve this important milestone.
Chief Business Development Officer, DIFC Salman Jaffery We are pleased that Scone Syndicate 2880 has chosen DIFC to strengthen its operations in the UAE and region. Home to insurance companies, captives, and insurance-related entities.
We are committed to further growing this sector by attracting new customers and helping our existing customers grow their businesses. We are particularly keen to foster innovation such as SIAB. We are working on it and believe this will strengthen our talent base and bring more depth to the industry.
Founded in 1975, Sukoon provides insurance solutions to over 800,000 individual and business customers across healthcare, auto, life and general (property, energy, engineering, aviation, marine and liability) insurance. Scoon operates in all emirates of the United Arab Emirates and Oman.
In December, Scone also launched Health Extend. This helps UAE employers limit budgets while giving employees the freedom to add on specific insurance according to their needs.
