MUMBAI, India, Oct. 3, 2024 - Mahindra Insurance Brokers Ltd (MIBL) the insurance broking arm of Mahindra Finance, one of India's leading Non-Banking Finance Companies, today announced the opening of its reinsurance division in Dubai. To be based out of Dubai's International Financial Centre (DIFC), the global financial center of Dubai, this division will act as a regional hub and cater to the Middle Eastern and North African (MENA) markets.
This strategic expansion aims to tap into new market opportunities, expand the client base and drive MIBL's regional business growth. MIBL's Dubai division comprises of seasoned professionals with an understanding of the international market, experienced in handling reinsurance transactions while ensuring reliable, efficient, and productive services to clients.
Salman Jaffery, Chief Business Development Officer, DIFC Authority said, "We are delighted to welcome Mahindra Insurance Brokers to DIFC. The firm joins over 125 registered insurers, reinsurers, captives, MGAs and insurance-related entities in the Centre. Our enabling world-class laws and regulations are on par with other global insurance and reinsurance hubs and will provide MIBL with the perfect platform to grow their business from Dubai."
Vedanarayanan Seshadri, Managing Director & Principal Officer of Mahindra Insurance Brokers Ltd mentioned, "With a substantial reinsurance business in the MENA region, MIBL will look to deliver a high level of value to clients while sustaining the growth of insurance. Our presence in Dubai will bolster the specific needs of clients looking for local presence and expertise, backed by global experience while adopting to market changes."
MIBL has been consistently serving clients, insurers, group clients, reinsurers worldwide and the reinsurance broking fraternity across the globe. As a reinsurance Intermediary, MIBL arranges reinsurances with reputed, ably rated and financially sound reinsurers.
In recent years, DIFC has become the region's global hub for insurance. Global insurers, reinsurers, (re)insurance brokers, captives, MGAs, Lloyd's service companies and cover holders, consultancy companies, compliance firms, and risk management organizations are using DIFC as a strategic location to achieve growth.
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 10 million customers and has an AUM of over USD 12.5 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has 1,370 offices and reaches out to customers spread over 4,80,000 villages and 7,500 towns across the country.
Mahindra Finance has been ranked 59th among India's Best Companies to Work 2023 by Great Place to Work Institute.
Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the Company and its subsidiaries.
Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.
Mahindra Insurance Brokers Limited (MIBL) a wholly owned subsidiary, is the Company's Insurance Broking subsidiary is a licensed Composite Broker providing Direct and Reinsurance broking services.
Mahindra Manulife Investment Management Private Limited acts as the Investment Manager of Mahindra Manulife Mutual Fund.
Mahindra Manulife Trustee Private Limited (MMTPL), acts as a Trustee to Mahindra Manulife Mutual Fund.
Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka, in which the Company owns 58.2% stake. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.
The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.
Learn more about Mahindra Finance on www.mahindrafinance.com / Twitter and Facebook: @MahindraFin
About Mahindra
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.
Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise. For updates subscribe to https://www.mahindra.com/news-room.
