Bermuda-based re/insurer Catlin Group Ltd has set up an operation in Dubai to focus on reinsurance opportunities in the Middle East, North Africa and parts of South Asia.

Catlin Middle East Ltd was granted a Category 4 licence by the Dubai Financial Services Authority (DFSA) to operate as a Lloyd’s coverholder on 7 May 2014.

Based in the Dubai International Financial Centre (DIFC), it will offer facultative reinsurance to insurers in the region.

As an authorised entity in the DIFC, Catlin Middle East can provide insurance intermediation and insurance management. Catlin Middle East will underwrite on behalf of Catlin Syndicate 2003, the largest in the Lloyd’s market in terms of premium volume.

Catlin Middle East is the tenth office within the Catlin Group’s Asia-Pacific underwriting hub and is fully supported by Catlin staff in Singapore.

Heading the new operation is Dalip Verma, a veteran with 37 years’ experience in the general insurance business. Prior to joining Catlin in June 2013, Dalip Verma worked in senior executive positions in India, Australia, the UK and Dubai.

Catlin Middle East will be staffed with three underwriters, one underwriting assistant and one personal assistant by September this year.

Mark Newman, chief executive officer of Catlin Asia-Pacific, said: “The establishment of Catlin Middle East parallels Catlin’s diversification strategy to build a distinctive and efficient international structure. Our expanded geographical footprint enables us to better take advantage of opportunities, increase awareness of the Catlin brand and work more closely with brokers and their clients.”