Dubai insurance broker, Insure Direct, and Rotterdam-based marine insurance specialist Independent Risk Solutions (IRS) have established a group holding company, Brokerage World Solutions (BWS). The estblishment follows the merger between both the firms in the last year.
BWS aims to present a global platform of optimal-value insurance and risk management solutions with products that cover the various segments of the industry.
BWS, registered in Valetta, Malta, as a holding company, BWS will handle its Middle East operations through Insure Direct’s Dubai office and regional network.
As the first step to expand its European footprint, BWS has launched Brokerage World Solutions UK, which will be jointly owned and managed by London-based Oxygen Holdings, and will operate as appointed representative of Oxygen Insurance Brokers.
BWS UK will focus on specialist areas of the regional market with sector-specific products. It will also handle the international portfolio for part of Insure Direct’s brokerage programmes for Europe.
BWS brings more than 200 years of combined insurance experience and expertise in markets as diverse as Europe and the Middle East. By working in partnership with reputed global networks and specialist reinsurance providers, BWS enables clients to benefit from competitive premium levels, with the assurance of appropriate international support where required.
Insure Direct’s service range covers all key industry sectors, which also include the areas where its products suit the needs of an exclusive clientele, while IRS is a specialist in marine, energy and offshore construction insurance. Together, under the BWS brand, they offer comprehensive risk transfer and advisory solutions to the UK market.
Kenneth Maw, CEO of BWS, said: BWS reflects an ambitious global plan borne out of the success we achieved through Insure Direct and IRS. Our partnership with Oxygen Holdings will help expand our existing Middle East and European footprint into the British market. Our combined expertise and strengths offer clients new, sustainable insurance options in today’s changing market environment.
Nigel Barton, CEO of Oxygen Holdings, said: We have been exploring this venture with Mr Maw and his team for a while, and we feel that putting the power of two dynamic and expansive insurance businesses together for the purposes of placement into the London and European Markets is a great win for Oxygen’s and BWS’s clients.