Page 72 - March 2022 Issue 604 Part 2

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Chawki Syagha (COO – NGK Re):
We have the expertise and
network that will allow us to
support our clients in the region
NGK Re Limited is a
wholesale specialty
reinsurance broker, incor-
porated in the DIFC and
regulated by the DFSA. The
objective of the company is
to provide reinsurance solu-
tions/placements for multi-
national clients and
Insurance Companies seek-
ing capacities from rep-
utable reinsurance compa-
nies. In a Q & A with
Chawki Syagha, COO of
NGK Re, he gave us a com- CHAWKI SYAGHA& KHALDOUN KHARTABIL
prehensive idea about their
company and talked about the competition that the market is witnessing, shedding
light on the characteristics that differentiate their company from other similar com- insurance needs to the population. I think you can increase
panies. Below is an extract from the interview.
* Can you give us an idea about your company?
- “NGK Re is a wholesale specialty reinsurance brokerage incorporated in the
DIFC and regulated by the DFSA, supported by 60+ years of combined multi-
national insurance and reinsurance broking experience, operating in the GCC
& MENA region. NGK Re’s facultative reinsurance solutions include but are not
limited to the following lines of business: Property, Casualty, Energy, Marine
and Financial lines such as PI, D&O, Cyber Security, Medical Malpractice,
Event cancellation, etc. NGK Re team have already secured business by sign-
ing agreements with almost 30+ Reinsurers, Llyod’s Syndicate and
Coverholders in the region as a whole.
NGK Re is part of a regional leading business conglomerate based in KSA
called NAGHI Group which has multiple verticals in leading markets across
various commercial and consumer segments (including but not limited to the
automotive, pharmaceutical, transportation, financial services, retail business
etc.). As part of NGK Re’s expansion strategy, NGK Re: (i) has joined forces
with a leading Lloyd’s Broker which is an established, independent, specialist
(re)insurance broking group that provides clients with local service and global
solutions, to support the core team with big Oil & Gas ticket inquiries, (ii) will
acquire a license to operate a reinsurance brokerage operation in KSA in Q1
2023 as per mandatory requirements set by SAMA, and (iii) aims to, as part of
its business plan, acquire a physical presence in Egypt to expand its scope of
work to service its clients in the GCC, including Egypt and Jordan.
NGK Re is founded and led by Khaldoun Khartabil, an insurance veteran with
over 40 years of experience in the insurance broking industry, including 20 years
of reinsurance broking experience with the Lloyd’s London Market. Hence, in a
nutshell it is important to point out that at NGK Re, we have the human expertise
on one side and the right network on the other side. Hence, given this structure
in place, NGK Re Team is well capable to fulfill its main mission which is to pro-
vide reinsurance solutions/placements for Multinational Clients and Insurance
Companies seeking capacities from reputable reinsurance companies”
* You are entering the market at a time where we are witnessing a bit com-
petition. Do you think you will be able to acquire a huge amount of business?
- “NGK Re understands the competition that is prevalent in this type of indus-
try. To re-emphasize on our main objectives and what we have to offer to the
market in a nutshell, NGK Re’s reinsurance placement focus is to: (i) design
and deploy bespoke reinsurance solutions for complicated reinsurance busi-
ness risk placements sought by insurance companies, (ii) provide specialized
insurance broking for corporate entities and multinational clients, and (iii)
secure global reinsurance cover for insurance companies.
In conclusion, NGK Re wishes to demonstrate its unique selling proposition to
the market by leveraging decades of know-how and experience supported and
cemented by the knowledge and understanding gained from the (re)insurance
broking experience held in the London & GCC/MENA Markets. This approach
along with the service we provide, the network that we have built, the reinsurer
support that we secured, as well as the expertise that we have in place, will
enable us to differentiate ourselves, provide our clients with the required support
and competitive rates and hence acquire a good market share.”
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Kerstin Marx (CEO – Broktech):
Digital and social media are
good ways to increase the
insurance penetration in the region
Broktech was estab-
lished by profes-
sional reinsurance
experts with very specif-
ic knowledge of the
MENA region, as well as
a range of experience in
different aspects of the
insurance and reinsur-
ance segments. In a Q &
A with Kerstin Marx,
CEO of Broktech dur-
ing the 5th annual
Dubai World Insurance
Congress, she expressed
her point of view regarding the impact of the war between Russia &
Ukraine on the regional insurance market and gave us an idea about
Broktech’s latest realizations. She further commented on the insur-
ance penetration in the region, shedding light on the January
renewals. Below is an account of the interview.
* Do you think the war between Russia and Ukraine will
have an impact on the insurance industry in the region?
- We are all affected directly and indirectly by the conflict between
Russia & Ukraine and it remains to be seen what impact it will
have worldwide, in my opinion, it will reach unprecedented
dimension, politically, economically and socially.
* In your opinion, what is needed to raise the insurance
penetration in the region?
- We have to find another way to promote and address the
and generate growth in the penetration when you are more
customer-friendly with customized and easy-to-understand
products. Digital and social media will play a bigger role in
addressing potential policyholders and their individual needs.
* The treaty renewals were somehow hard at the begin-
ning of the year. Do you think they will continue in the
same sense in the upcoming renewals?
- I believe so and I’ve heard that the insurance & reinsurance
markets will be greatly hit by the Russian/Ukrainian conflict,
with a lot of claims, emerging from the Ukrainian market now
and this might have an effect on the terms of international rein-
surance companies and capacity providers.
* What are the latest realizations of Broktech?
- We are very happy that, despite the challenging environment,
we managed to increase the portfolio by 15 percent in 2021. We
also managed to secure new capacities for the Middle East
market from international and regional reinsurance companies,
allowing us to be closer and offering new solutions to our
clients in the Middle East.
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