Relm Insurance Ltd, the pioneering specialty carrier domiciled in Bermuda, has expanded its global footprint with a foray into the Middle East and North Africa region.

The company has acquired Dubai-based B&F Partners Ltd, which is now known as Relm Insurance MENA Ltd.

The company said the move solidly positions Relm as the pivotal player in providing specialised insurance solutions to companies operating in high-growth and emerging industries such as artificial intelligence, Web3 and the space economy.

Relm’s Dubai-based affiliate has a licence authorised by the Dubai Financial Services Authority.

The company said the establishment of the new operation, which is headquartered in the Dubai International Financial Centre, marks a significant milestone in its expansion strategy.

Joseph Ziolkowski, founder and chief executive at Relm Insurance Ltd, said: “This acquisition opens up new avenues for Relm Insurance to work more closely with its distribution partners in the UAE and the broader MENA region to cater directly to the insurance needs of businesses operating in rapidly evolving industries such as AI, Web3 and the space economy.

“By leveraging our sector expertise, underwriting experience and our tailored insurance products, we aim to help bolster the resilience of innovative companies in emerging, high-growth industries.”

With a dedicated team and office space in the heart of Dubai, the company said, Relm Insurance MENA will operate as a managing general agent, working closely with local broking partners to maximise accessibility of essential insurance coverage to its target clientele.

Heading up the new operation is chief executive Bruno Bertucci, who was a founding shareholder and managing partner of B&F Partners Ltd alongside Fabio Zucchelli.

Mr Bertucci said: “We are excited about the opportunities presented by our expansion into the MENA region. Dubai is quickly becoming a global finance hub thanks to its forward-thinking regulations for cryptocurrencies and blockchain, attracting top financial companies worldwide.

“This global expansion initiative furthers Relm’s dedication to our mission of contributing to the building of the future by creating solutions for complex risks for innovative markets.”

Relm Insurance Ltd is a direct writer, licensed by the Bermuda Monetary Authority since December 2019, providing coverage for companies operating in new and emerging business sectors. That includes crypto, web3, cannabis and alternative therapeutics, among others.

In 2022, Relm II was licensed – the first collateralised reinsurance facility that can accept both fiat and digital assets as regulated collateral. It sources capital to reinsure Relm Insurance’s direct writing.