Gallagher has launched a new insurance business in the Dubai International Finance Centre (DIFC) in a bid to support its growth.

The business, dubbed ACE Re, will offer specialty and facultative reinsurance solutions to clients across the Middle East and Africa.

Gallagher will hold 51% stake in the new company, while its partner MIG Group will own the remaining 49% stake.

ACE Re will be led by Nadim Semaan as senior executive officer, subject to regulatory approval.

Previously, Semaan worked as a partner in Gallagher’s UK based global energy team.

Semaan said: “Having grown up and been educated in the region, as well as having led Gallagher’s UK energy practice in MEA, I am very familiar with the challenges and opportunities for businesses operating in the region.

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“The launch of our business in the DIFC is a key milestone in Gallagher’s continued growth story and the opening of an on-the-ground presence demonstrates the excellent opportunities we see.

“Having a Gallagher specialty and facultative reinsurance team being based in the region really opens up the availability of insurance options for regional and multinational clients, and I am extremely pleased with the level of talent we have already recruited, all of whom will play an important role in our growth journey.”

Recently, Gallagher Re, the company’s reinsurance division, partnered with BitSight to address cyber risks.