(Re)insurer MS Amlin has launched a credit and political risk business for clients in the Middle East and North Africa.

Osama Elshiekh joins as a senior underwriter within the newly created division and will lead the firm’s regional entry into the class. He is based in Dubai and reports to Vipul Gupta, senior executive officer for MS Amlin Mena.

The move comes amid a push by MS Amlin to grow its underwriting footprint in the Mena region from its hub in Dubai.

Since establishing an office in the city in 2015, the firm has expanded its coverage, adding financial lines and marine cargo to its existing marine hull and political violence offerings.

“As Mena’s economies continue to grow, cross-border trade and investment are driving greater demand for credit and political risk coverage,” says Gupta. “Establishing this new class of business enhances our ability to support clients navigating an increasingly complex geopolitical landscape.”

In a statement, he notes Elshiekh brings “deep expertise and strong market relationships” to the firm.

Elshiekh has nearly 15 years of experience in the sector and joins from The Hartford, where he worked in the US as a senior underwriter since early 2022.

Prior to this, he held several senior underwriting roles at the Islamic Corporation for the Insurance of Investment and Export Credit, including country manager for the United Arab Emirates (UAE).

Demand for credit and political risk cover is primarily being driven by two of the Middle East’s biggest economies, the UAE and Saudi Arabia, Gupta says.

“These countries are undergoing a transformation as they diversify their economies, which is creating huge opportunities in sectors from financial services to tourism and technology. In turn, we’re seeing rising demand for credit and political risk cover from international investors and regional companies expanding across borders.”

India and Africa are also hotspots for growth, he notes.

“We see exciting opportunities in India, and on the African continent, which are both experiencing a significant influx of foreign investment. We believe this will create growing demand across a number of speciality lines, most notably credit and political risk.”