Optio Re MENA Ltd., Optio Group’s Dubai-based specialty MGA, recently celebrated a successful second year of trading, buoyed by continued post-pandemic demand for accident & health insurance.
During 2024, Optio Re MENA further expanded its specialist team and by the end of the year had treaties across Saudi Arabia, the UAE, Jordan, Bahrain, Oman and Libya. It therefore continued to achieve considerable organic growth, resulting in a more than 70% increase in gross written premiums.
Chief Executive Officer Dr Ahmed Ramadan said:
“Service is fundamental to our proposition, specifically turnaround times, which is a key differentiator that we are increasingly well known for. This was significant in winning accounts in Jordan and the UAE last year, with our reputation for responsiveness growing across the region. Typically, the industry-average turnaround time for quotations is three to four days, ours is one working day. Similarly, we are achieving better than the industry-average turnaround times for claims approvals.”
Also fundamental to Optio’s proposition in MENA is its knowledgeable staff, which it continued to attract in 2024, meaning it now has a complete team of highly trained professionals. The team comprises A&H specialists, with over half also medically trained as doctors or nurses.
Dr Ahmed added: “At times our business feels more like a hospital or clinic! But one of the great advantages of a multi-disciplined team is the respect for one another’s knowledge and experience, which is a powerful team dynamic that creates a very positive working atmosphere. We also made several promotions last year so this is not only a tightly knit team but one that is maturing.”
Looking ahead in 2025 Dr Ahmed said: “With the core elements in place of an established team, a growing reputation for efficient, specialist service and with a presence in the above-mentioned markets, our focus is now on building within those markets. We have no plans to expand into other countries but are targeting organic growth, looking to work with more cedants, building the number of treaties in those regions and innovating with new products. For example, from 1/1/2025 medical insurance became mandatory for all expats in northern Emirates. We have the capability, product and pricing and are working with several cedants to meet the demand this mandate has created. With that, plus the ongoing strong interest and demand for A&H cover, we look forward to deepening our relationships across the region in 2025.”