Warren Buffet’s company has announced its intentions to establish a new office in Dubai.
Berkshire Hathaway insurance business is headed for expansion into the lucrative Middle East market. It will be opening a new office in Dubai in order to manage the operations of its commercial products there.
Berkshire Hathaway Specialty Insurance (BHSI) released an official statement regarding the decision.
The new Berkshire Hathaway insurance office is located in the Dubai International Finance Center (DIFC) and will finally be able to open. The office had been awaiting approval from regulators and has now received it. The office will be run by two new additions to Berkshire, Alessandro Cerase, who has become senior executive officer there, and Neeraj Yadvendu, who will deputize that position.
From Dubai, the Berkshire will be selling specialty and commercial insurance to brokers as well as to companies in energy, casualty, construction, executive and professional sectors.
The Berkshire Hathaway insurance expansion has been in the works for some time.
Much of the BHSI entry into the market had been completely arranged and ready and was simply waiting on the regulator in order to be able to open its door. This gave the company the opportunity to build its foundation – and bring in its team members – in Dubai in the meanwhile.
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Cerase, for instance, had previously held the position as global head of energy and engineered risk at AIG. He is now in control of BHSI first-party lines within both Dubai’s market and other Asian operations.
On the other hand, Yadvendu came to the company after having been the AXA Asia regional head of casualty and financial lines. Yadvendu is now the head of the company’s Middle Eastern third party lines.
“We are excited to expand BHSI’s footprint in this region which will service those markets in the Middle East and beyond who seek (re)insurance support in the DIFC,” said BHSI president of Asia Middle East, Marc Breuil. “The strategic location of Dubai as well as the stability and efficiency of the DIFC make it an ideal hub for BHSI to support economic growth in the region.” Dubai is recognized as the Persian Gulf’s financial center.