JLT MENA

J LT M E N A

Driving the local market to global standards

J L T

M E N A

Good Practice A Market leader in

As a Group fiercely protective of its unique culture, multinational insurance specialist, JLT is optimising its MENA operations as part of its current, concerted expansion phase Writer: Matthew Staff | Project Manager: Stuart Parker

s one of the world’s leading providers of insurance, reinsurance and employee benefit advice, brokerage and associated services; JLT’s 135-country footprint is indicative of a multinational offering driven by a locally-sensitive approach.

In the MENA region, JLT’s first foray into Dubai began in the 2000s, the division subsequently growing to become the territory’s leading speciality business; covering a multitude of sectors including energy, construction, marine and financial lines.

“Our specialist teams focus on those sectors where we have a distinctive level of knowledge and expertise,” adds the Company’s Chief Executive Officer for the MENA region, John O’Flaherty. “Working in partnership with clients to manage the key risks they face, we act as their intermediary

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John O’Flaherty, CEO

with insurers and reinsurers as well as providing related risk management, analytical, advisory and other services.

“Recently, in 2014, partnering with Istithmar World, JLT acquired a stake in Insure Direct (Brokers) LLC, an onshore retail insurance operation in Dubai. This has provided JLT with a comprehensive platform from which

to grow its businesses across the region, servicing retail (corporate) and wholesale (insurance and reinsurance companies) clients alike, across a variety of classes of insurance. This acquisition also gave JLT a physical presence in Bahrain.

“Wherever we operate, we have the culture, strategy and commitment to clients that set us apart.”

On a global scale, JLT’s deep expertise and entrepreneurial culture facilitates the insights, creative freedom and tenacity required to go beyond the expected and into the value-add domain. Adopting a ‘Client First’ philosophy as part of its core operating principles, such an approach also manifests in the form of a constant balance between strategic consolidation and proactive expansion; an ethos which brought its services to both global and regional clients in the MENA region to begin with, and

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RAK INSURANCE

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LT (Jardine Lloyd Thompson) as the name suggest is one of the top five insurance brokers in the world with strong base across the globe, Jardine Insurance Brokers was formed

by Jardine Matheson many years ago and subsequently became a listed company in which Jardine Matheson retained a majority interest. JLT was created in 1997 when Jardine Insurance Brokers plc merged with Lloyd Thompson Group plc. As a consequence of that transaction, Jardine Matheson retained a shareholding of 30 percent in the merged business. In 2011 Jardine Matheson increased its shareholding in JLT from 30 percent to 40 percent.

Insure direct now acquired by JLT has been one of the key partners for RAK Insurance for almost a decade now and they been a driving force in the sensational growth for RAK Insurance over the last five years or so, specialised in managing Property and Casualty along with Health insurance segment.

They have excelled in all areas of their operations with highly professional attitude of their staff who understand their clients’ requirements and never fail to deliver on their commitments towards their clients which RAK Insurance admires about JLT.

One of the world’s leading providers of insurance

one that fulfils the Company’s goal to “deliver a fully-considered service to our clients, driven by our desire to take a holistic view of our clients’ exposures, to deliver comprehensive risk management solutions”.

O’Flaherty continues: “Where we seek to differentiate ourselves is by becoming a trusted advisor to our clients where we become more than simply another broker reflecting prices back to a client.

“We work strenuously to help our clients deal with their challenges in what is a difficult financial climate in the region. We do this for large and small corporate clients alike, often across the region working with our partners, through specifically focused packages that are discussed carefully and agreed with clients. Our goal is to ensure our clients get what they want, with no surprises; or if there are, only on the upside.”

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We work strenuously to help our clients deal with their challenges in what is a difficult financial climate

Their volumes speaks a lot about their partnership with RAK Insurance, currently they stand as the second Xxxxxxxx xxxxxxxx xxxxxxxxxxx xxxxxxxxx highest partner for RAK Insurance in terms of their GWP. RAK Insurance is delighted to have JLT as one of the most professional business partners.

Faisal Abbas Senior Broker Development Manager

T 800 RAKI (7254)

www.rakinsurance.com Xxxxxxxx xxxxxxxx xxxxxxxxxxx xxxxxxxxx

Download Download the the app. app. Experience Experience the the brand. brand.

RAK Insurance mobile app is now available for download. It offers: RAK Insurance mobile app is now available for download. It offers: • Easy access to your medical network Easyaaccess to your medical network •• Buy wide range of insurance products online Buy a wide range ofportal insurance products online •• Exclusive customer Exclusive customer portal •• Emergency contact services Emergency contact services •• Simple and hassle-free guidelines on how to make a claim • Simple and hassle-free guidelines on how to make a claim We believe that a beautiful tomorrow begins with a wiser today.

We believe that a beautiful tomorrow begins with a wiser today.

J L T

M E N A

Product delivery

As well as service acumen and continuous improvement, the sheer history and prestige of JLT stands as a differentiator for the Group, its origins going back as far as 1832 before evolving via a merger between Jardine Matheson and Lloyd Thompson in 1997 to form the world-renowned ‘JLT’ that exists today.

Now present in 40 countries - 135 when incorporating its partner presence - and employing more than 10,000 people, JLT’s footprint is unrivalled; and it has a service portfolio befitting of such a market stronghold.

“Through our retail broking platform, JLT covers both the general insurance and employee benefits sectors, offering insurance solutions to meet a broad range of corporate client needs,” James Vincent, JLT’s Chief Operating Officer for the MENA Region explains. “General insurance covers everything from workmen’s

JLT has an enterprise business covering the needs of SMEs in the corporate sector

Through our retail broking platform, JLT covers both the general insurance and employee benefits sectors, offering insurance solutions to meet a broad range of corporate client needs

JLT has an extensive speciality business arm

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compensation, third party liability, buildings and contents, through to more specialised lines such as Strata, directors and officers and drone cover.

As part of the General Insurance offering, we also have an enterprise business which covers the needs of the small to medium sized corporate sector and personal insurance for select clients.

“The employee benefits (EB) business in the region covers primarily health and life insurance for corporate clients. The expertise of the EB

team tailors insurance company and coverage options specifically to cater for client demands in terms of both comprehensiveness of coverage and price; their goal is to find the best coverage for their clients matching a combination of price, quality and service levels to clients’ requirements.”

Consequently becoming a preferred partner across both these domains in the region, its specialty business arm is every bit as extensive; offering sophisticated specialty products through the peaks and troughs of the commodity price cycle to all aforementioned sectors.

The Group’s international outlook also pays off in areas like this when massive global events such as Expo 2020 and the FIFA World Cup come to town in the years to come.

O’Flaherty notes: “Our energy, renewables and construction businesses [in particular] are closely aligned in the region, working on not only key infrastructure projects but

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also serving the hydrocarbon sector in particular. In our immediate region, Expo 2020 in Dubai and the 2022 World Cup in Qatar have been drivers of some of the key development projects such as Qatar Rail, the creation of new stadiums in Doha and the expansion of South Dubai as the Emirate grows the area including the Maktoum airport, around which Expo will centre.

“A constantly evolving and complex political situation in the region is also driving our credit, political and security risk practice, as clients seek to mitigate both known risk and unforeseen outcomes.”

“We are continuously looking at new requirements for the market, a significant amount of research goes into these products, and we scour JLT’s global presence and product library as a starting point for new product delivery.”

A prime example of this is the stilldeveloping common ownership model for residential properties in Dubai amid new laws and regulations; again showcasing to clients the ability to keep on top of fluctuating or changing trends, and being flexible enough to adapt its service offering when required.

A market leader in good practice

JLT has recently compounded its influence in the region via its takeover of IDB (Insure Direct Brokers), subsequently bringing together its focuses under one roof in the Burj Al Salam, Dubai, while also instilling enhanced collaboration into the business’s mindset when approaching potential client challenges.

“An important part of this move was also to bring the Dubai onshore operation (IDB) onto the JLT Group platform, to leverage the expertise afforded by JLT’s operational and procedural experience,” Vincent says.

“This centres on common IT platforms and solutions as well as working towards a common operating model to facilitate operational efficiencies.”

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AVIATION “The UAE, and specifically Dubai, has emerged as a strategic location to access business across the MEA region and, despite some of JLT’s core competitors having already established some form of aerospace presence, we consider that the market remains relatively Brendan Ryan uncrowded and underserved in the general aviation segment; particularly in terms of direct technical expertise,” Brendan Ryan, Executive Director at JLT Group Company, Hayward Aviation - based in Dubai - states in regards to JLT’s evolving aviation influence. “By having a presence on the ground in Dubai - which is a priority within our aviation strategy - we can provide enhanced local support to existing aviation clientele within MEA, our target footprint.

“Using Dubai as a hub allows us also to spend a significant amount of time outside the UAE visiting both new and existing aviation clients. The local presence also provides direct support to the Group’s various international expansion initiatives from a client facing perspective whilst, at the same time, contributing directly to the growing success and overall development of London’s specialty business.”

A great example of this client focus in the aviation space is through the increasing regulation around the use of drones (remotely or autonomously piloted aircraft), the Company having worked closely with the UAE Civil Aviation Authority to develop a risk management product to meet mandatory insurance requirements.

Ryan elaborates: “We would expect to see further regulation coming into force following the rapid increase also in the use of these vehicles privately: this is believed to have been the cause of the well-publicised incident that led to the temporary closure of Dubai Airport for a significant period of time.

The shut-down had a significant financial impact on the airport.

“With a continuing focus on client needs, we are now looking at products to cater for the requirements of private aircraft owners and the non-airline side of the market.”

Dubai airport

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Capital investments and strategic acquisitions are always on the table to ensure the Company’s ongoing operational progression, improved response times, and enhanced service levels. And compounding this notion even further is a team of loyal and innovative employees completely bought in to the JLT culture.

Vincent continues: “We seek to work to the highest global standards, raising levels in the local market. This has been a key aspect of the transition of IDB from a local broker with local operating procedures and standards, to part of a world-class insurance broking group.

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We seek to work to the highest global standards, raising levels in the local market

“As a Group, we are fiercely protective of our unique culture. JLT is a multinational company with the mindset of a specialist, entrepreneurial business.

We attract and retain the best talent by valuing and celebrating their deep expertise; and our clients, colleagues and trading partners want to work with us because of this culture.”

Resultantly thriving as a local business conducting business to international standards, the Emiratisation occurring within the Company in the Middle East is testament to not just its local quality of offering, or its corporate social

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responsibility adherence; but to an equally stringent commitment to forming a sustainable legacy in the region.

“We think there are some very exciting opportunities across the region, and over the coming years, we envisage our businesses being significantly larger than it is today, with us being known as a local broker with international reach and an international broker with local reach,” O’Flaherty concludes. “Where we differ is that we don’t necessarily seek to be all things to all men; we intend to build the reach but want to remain

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As a Group, we are fiercely protective of our unique culture. JLT is a multinational company with the mindset of a specialist

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nimble and flexible enough to retain our entrepreneurial spirit and for our clients to see that in the way we work with them.

“JLT’s regional operations aspire to operate at the global standards set by the Group. This not only applies to our due diligence standards but to the way in which we deal with our clients and the transparency we afford them over the way we conduct our business with them.

“We aim to be a market leader in good practice, ultimately helping to drive the local market to global standards.”

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JLT SPECIALTY LIMITED MEA The Exchange Building Suite 604 Dubai International Financial Centre Precinct Building 6 Dubai, UAE T: +971 4 433 9400 www.jlt.com

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