Markel International has hired Leroy Almeida to run its Dubai office.
Almeida has extensive experience underwriting trade credit solutions in the Middle East. He has worked with Atradius’s partners in the UAE to develop underwriting solutions since 2005, becoming senior business development manager of trade credit at the insurer.
Before joining Atradius, Almeida worked for ABN Amro in Mumbai.
“Leroy has excellent local knowledge and networks and we are delighted that he is joining us in Dubai,” says managing director of Markel’s trade credit division, Ewa Rose. “We are looking forward to progressing ours discussions positively with the DFSA.”
Earlier this year, GTR reported that Markel had sought regulatory approval from the Dubai Financial Services Authority (DFSA) to offer trade credit insurance to clients in the Dubai International Financial Centre (DIFC). Rose confirms that approval is now imminent, with Almeida’s appointment reflecting a further step towards growing the insurer’s Middle Eastern presence.
“Our plan to set up in Dubai reflects the increasing opportunities we see in the Middle East,” she says. “Dubai is superbly placed to look after markets such as Saudi Arabia, Oman and Qatar, as well as having the potential to serve India.”
Markel’s Dubai business, subject to regulatory approval, will be located in the Lloyd’s offices in the DFIC. “We now have operations in London, Singapore, Munich, New York and imminently, in Dubai,” adds Rose. “The trade credit business is international by nature and our clients need access to underwriters on the ground, who know and understand the dynamics of the local market.”