14 POWER 50

As the result of hundreds of votes from industry professionals, 2016’s Power 50 is the defi nitive list of the most powerful insurers, reinsurers, brokers, and

associated professionals in Mena’s insurance sector. Listed alphabetically by company, the Power 50 is not just a consideration of personal success but a refl ection of the hard work put in by the teams underneath the 50 industry

leaders who deserve their position on the following pages

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INSURERS

Ahmad Idris, CEO, Abu Dhabi National Insurance CompanyTaking the helm during a challenging period for Abu Dhabi’s largest insurance company, Idris has worked hard to put the company back on a growth path and his leadership is beginning to show in company results as ADNIC reported a net loss of only AED3.4m for the period October to Decem-ber last year, compared to AED331.1m in the first nine months of 2015.

Osama Abdeen, CEO, Abu Dhabi National Takaful Co Appearing for the third time in the Power 50, Abdeen was once again a popular choice amongst his peers. Under his management, Abu Dhabi National Takaful Company reached new levels of best practice in 2015 and picked up the Takaful Insurer of the year award at this year’s Mena Insurance Awards.

Hadi AlKurd, CEO, Arab Life & Accident Insurance CoLeading the Jordan-based life insurer to win New Mar-ket Trailblaizer at this year’s Mena Insurance Awards, AlKurd has created a culture

of innovation at Arab Life. The success of the com-pany’s Safehouse app is just one example of Arab Life’s innovative approach, justify-ing AlKurd’s position as one of the youngest CEOs in this year’s Power 50.

Jamal Asfour, CEO, Asia Insurance CompanyFacing challenges unique to the Kurdish and Iraqi insurance sectors, Asfour has been instrumental in estab-lishing Asia Insurance as a regional powerhouse.Asfour’s innovative leader-ship led Asia Insurance Company to register a 30% y-o-y growth achieving a net profit of USD 2.24m in 2015 becoming the 1st private insurer in net profitability all over Iraq in record-time.

Giles Ward, Regional Presi-dent Eurasia/Africa, CHUBBHaving overseen CHUBB’s business in Egypt, Pakistan and Saudi Arabia, as well as overseeing the establish-ment of a regional office in Bahrain in 2007 as regional MD, Ward made a name for

himself as a rising star in Mena insurance. Since then, Ward has risen up the ranks at CHUBB and is now in charge of driving strategy and business development across the region, while

planning the company’s future expansion.

Dr Sven Rohte/Michael Bitzer, CCO/CEO, Daman HealthHaving been at the head of Daman for over a decade, Bitzer has seen the company grow to reach the 2.4 million policy holders it now ser-vices, and is a regular name in the Power 50. However this year, he’s joined by Dr Sven Rohte, whose exten-sive experience in strategy management has made him an invaluable asset for Da-man, and a worthy member of this year’s list.

Jason Light, CEO, Emirates Insurance CompanyIn the 10 years that Light has been at the head of Emirates Insurance Company, he has developed the organisation from a second division Abu Dhabi Insurer into one of the UAE’s major players. Emir-ates Insurance was awarded an A- rating by Standard and Poor’s in August last year, demonstrating the strength of Light’s leadership against the impact of declining oil prices.

Imad Abdel Khaleq, CEO, Jordan Insurance Company An important member of the Mena insurance community, Khaleq has led Jordan Insur-

ance Company to become one of the Kingdom’s most profitable insurers, despite challenging market condi-tions in recent years. At the head of the company for over a decade, Khaleq is an important figure both within the country and across the region.

Faris Gammoh, CEO, Jordan International InsuranceWinner of the Jordan Insurer award at the Mena Insurance Awards 2016 for the second consecutive year, Gammoh has been at the forefront of Jordan International Insurance Company’s (JIIC) success. This year not only saw JIIC diversify with a new bancassurance offering, but also saw the launch of the company’s first medical mobile application for both iOS and Android.

David Youseff, MD (Mena), Now Health InternationalA popular choice amongst Mena IR readers, Youseff already has more than 20 years’ experience in the in-ternational health insurance market and his innovative approach to delivering efficient medical insur-ance solutions has driven Now Health’s growth in the region and justified his first appearance in Mena IR’s Power 50.

Michael Jensen, MD, AIG MenaHaving almost 25 years’ experience in the insurance sector, Jensen was a popular choice to appear in the Power 50 again this year. With significant investment into its SME unit and the establishment of a re-gional hub in Morocco in 2015, AIG was awarded the SME and North African Insurer trophies at this year’s Mena Insurance Awards.

Cedric Charpentier, CEO, Axa GulfHaving taken over from Jerome Droesch last September as the regional head of one of the world’s largest insurers, Charpentier is already a significant figure in Mena insurance. As a testament not only to Charpentier’s leadership, but the team that he leads, Axa Gulf picked up five awards this year, including Mena Insurance’s Insurer of the Year.

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Christos Adamantiadis, CEO, Oman Insurance Taking the place of Patrick Choffel as CEO of Oman Insurance in June last year, Adamantiadis joins OIC from AIG Emea and has already set about expanding the company’s service offering with the launch of a health insurance plan to cover parents of NRIs living in the UAE, earlier this year.

Andrew Smith, CEO, RAK insuranceWinner of Mena IR’s Rising Star Award, Smith is quickly making a name for himself as an influential personal-ity in the Mena insurance community. Teaming up with Dubai’s Aster DM, RAK insur-ance have recently made waves with the launch of their new NRI medical cover – ‘ARISE’.

Giles Hussey, Head of Mena, Swiss Re Corporate SolutionsHussey was responsible for establishing Swiss Re as a leading speciality player in Mena (particularly in the energy sectors), before his appointment as head of the company’s regional Corpo-rate Solutions branch. As a result, not only does he have a wealth of expertise, but he has also proved himself as a powerful figure in the regional insurance space.

Ashraf Bseisu, CEO, Solidarity Holdings With the completion of the merger between Yarmouk Insurance Company and Solidarity’s Jordan subsidiary, First Insurance, last month, Solidarity Holdings continues to grow, as does the influence of its CEO Ashraf Bseisu. Bseisu has guided Solidarity

Holdings to become one of the world’s leading takaful organisations in his time at the company, and is an influ-ential figure in the region.

Abdul Muttaleb, CEO, Union InsuranceA popular choice amongst voters, Muttaleb is one of the regional insurance industry’s longest serving members. With the launch of Max-Medical, Union Insurance’s high-end international health insurance product last year, Muttaleb’s influence is only going to grow as the UAE looks to extend the scope of

its mandatory health insur-ance regulations in coming years.

REINSURERS

Mohamed El Dishish, CEO, Emirates ReTakafulAnother popular candidate for the Power 50, Dishish is an industry veteran with more than 40 years’ experience in the Takaful sector. Under El Dishish’s leadership this year, Emirates ReTakaful were awarded an improved rating by A.M. Best to positive from stable, reflecting the

company’s strong risk-adjusted capitalisation, diversified business profile and improved enterprise risk management.

Christian Vogel, CEO, Gulf ReHaving held a number of key strategic positions for Winterthur Re and Partner Re, Vogel has a unique understanding of Mena’s (re)insurance landscape. Leading Gulf Re’s expansion across the region, Vogel is a worthy member of this year’s Power 50 and a figure we will hear a lot more about as the company continues to grow.

Elie Bouchaaya, Senior VP, Liberty (DIFC)Having taken the helm at Liberty Speciality Market’s DIFC office last April, Bouchaaya has established himself as a big name in Middle Eastern insurance. Overseeing Liberty’s acquisition of a DFSA-regulated coverholder company (now Liberty Specialty Markets Mena Ltd) and a second office in the DIFC, Bouchaaya deserves his place in this year’s Power 50.

Leroy Almeida, Head of Trade Credit (Middle East), Markel InternationalDespite only joining Markel

Jawed Barna, CEO, Zurich International LifePicking up the awards for employ-ee benefits insurer, most innova-tive insurer and the life insurance award at this year’s Mena Insur-ance Awards, Barna’s leadership has proven that while Zurich is one of the top players in the regional life market, they are still driven by innovation and the ambition to reach new levels of industry sophistication.

Mahomed Akoob, Managing Director, Hannover RetakafulWinner of this year’s Lifetime Achievement Award, Akoob has led Hannover Retakaful for over 10 years and has in the process become one of the region’s most important figures. Sitting on a number of boards across the region, Akoob also received a large number of votes in this year’s Power 50, cementing his position on the list once again.

Omer Elamin, President, Orient InsuranceHighly respected member of the Mena insurance community, Elamin is one of the Power 50’s regular faces. Elamin has ce-mented his position in the list by overseeing Orient Group (the UAE’s third largest insurer in terms of GWP), while helping establish their position as the market leader in terms of operating performance and profitability.

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in August 2015, Almeida has been instrumental in the establishment of the company’s DIFC operations, leading to them being named Best Newcomer at this year’s Mena Insurance Awards. Under Almeida’s leadership Markel has introduced a wide range of specialist products throughout the GCC and become one of the leading brands in the regional trade credit market.

Fahad Al-Hesni, CEO, Saudi ReUnder Al-Hesni’s leadership, Saudi Re recorded a 45% growth rate with SAR804m gross written premium, up from SAR556m in 2014. With operations in more than 40 countries across Mena, Asia and Africa, Al-Hesni is a very important figure in the region and has undeniably earned his position in the Power 50 again this year.

Hedi Hachicha, CUO, SCOR MEHaving retired from SCOR on 1 July 2015, Cherif Chentir left big shoes for Hachicha

to fill. However, having set about driving SCOR’s organic growth across the Middle East over the past year, Hachicha is already turning his attention to Africa. In his own words, the firm is “start-ing to see the wheat being separated from the chaff” and as Hachicha pushes the roof on industry standards, we will only see him becom-ing a greater influence on Mena insurance in 2016.

Stephan Wirz, Market Head Middle East P&C and L&H, Swiss ReHaving taken over from Lukas Müller last year at the head of one of the region’s most powerful reinsurance entities, Wirz has become a powerful figure and a notable name across the Mena region. With a strong technical background, Wirz has already made significant strides to diversify Swiss Re’s portfolio in the Middle East and his work in driving Swiss Re’s presence in the region reflect the number of votes he received to appear in this year’s Power 50.

Fadi Abu Nahl, CEO, Trust ReThis year’s most voted-for reinsurer, Abu Nahl features for the second time in the Power 50. Having overseen Trust Re’s establishment of a representative office in Morocco, Abu Nahl continues to drive development with the company’s recent expan-sion into aviation faculta-tive reinsurance and surety reinsurance.

Khalil Eid, General Manager, QBEEid has been the orchestra-tor of QBE’s success over the past year, developing a diverse business model and increasing GWP by 25% since 2014. His knowledge of the region and expan-sive network makes him a recognisable character, and an important member of this year’s Power 50.

BROKERS

Paul Holmes, Managing Director, Al Futaim Willis MEHolmes continues to drive change and innovation, successfully creating new propositions in the insur-ance risk advisory space. It is widely acknowledged that

his 20 years of experience in the region as both under-writer and risk adviser helps drive sophistication, not only within his organisation but across the entire regional insurance industry.

Paul Skinner, Director, Aon Risk SolutionsSkinner has over 35 years of diverse insurance experience in the Mena region, having worked in underwriting, bro-king and as a risk manager in a large industrial manufactur-ing operation in North Africa. Skinner was another popular choice amongst Mena IR voters and has again justified his position as one of the regional insurance sector’s fifty most powerful.

Zuhair Atout, CEO of Apex InsuranceA popular candidate again this year, Atout is champion-ing Apex’s cross-border ex-pansion as the company seeks access to Egypt’s reinsurance brokerage market this year, with them winning a licence to operate in the country looking increasingly likely to be granted in coming months.

Farid Chedid, CEO, Chedid Re Already a powerful man in Middle Eastern insurance,

Bernd Kohn/José Nicolas, CEO/Managing Director (Gulf), Munich ReSharing a spot on this list this year are the men behind Munich Re’s successful growth across the region in recent years. CEO Kohn’s 17 plus years’ experience in the industry have been instrumental in ensuring the company’s success in the region, while under Nicolas’s leadership, Munich Re has developed the largest life reinsurance team in the region, using his international experience to support the growth of protection-focused companies.

Aahmad Rajab, CEO (Mena), Aon BenfieldAn influential DIFC Insurance Association board member, Rajab has been a great contributor to regional insurance growth. 2015 saw him mobilise resources to build the most advanced earth-quake model for the Arabic Peninsula and a flood model for Riyadh and Jeddah, providing the most extensive levels of analytics and pushing the ceiling on client service.

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2015 has seen Chedid look to expand Lebanon-based Chedid Re’s influence in Northern Africa, with the opening of a new office in Casablanca Finance City, Morocco.

Basim Faris, Managing Director, Fenchurch FarisHaving set up Fenchurch Faris back in 1984, Basim Faris has driven the com-pany to become a thriving business, and undoubtedly deserves his place in this year’s Power 50. Faris’s plans for expansion show no signs of slowing either, as 2015 saw the company be-come a Lloyd’s coverholder.

Chris Pleasant, Managing Director, Guy Carpenter Receiving a large number of votes, Pleasant is a popular and well-respected mem-ber of the Mena insurance community. Now with over 30 years’ experience at Guy Carpenter, Pleasant not only drives growth in the region within his own company, but is helping lead the push to-wards closing the insurance penetration gap between Mena and more developed regions.

Joseph Azar, Managing Director, NascoA widely influential figure in insurance broking, not

only in the Mena region, but globally. Since the establish-ment of Nasco Middle East back in 2003, the brokerage has developed a significant market presence with opera-tions in Lebanon, France, the UAE, Saudi Arabia, Qatar, Egypt, Nigeria, Turkey, Syria, Iraq, Tunisia and Cyprus.

Tarun Khanna, CEO, Nexus InsuranceHaving led Nexus insurance for almost a decade, Khanna has seen Nexus insurance expand to become the larg-est retail insurance broker in the GCC, with offices in the UAE, Bahrain, Qatar, Leba-non, Singapore and Kuwait. A popular choice amongst Mena IR readers, Khanna ap-pears for the first time in the Power 50.

Atish Suri, Divisional Director, Willis ReSuri has been instrumental in Willis Re’s continued growth across the Mena region since he joined the company in October 2006. Last year brought more suc-cess as the broker secured a licence in the DIFC and launched new operations in November 2015, reaffirming Willis Re’s commitment to the region and appetite for continued growth.

OTHERS

Mahesh Mistry/Vasilis Katsipis, Analytics Director/General Manager, A.M. BestReceiving a large number of votes, Mistry makes the Power 50 again this year, as his team of financial analysts have once again proved that their ratings and market coverage give an indispensable insight into the regional insurance sector. He is joined this year by his colleague Vasilis Katsipis, whose work furthering A.M Best’s market relationships across Mena make him an easily recognisable name within the industry.

Wayne Jones, Partner, Clyde&CoWhilst helping to develop Clyde&Co’s Saudi Arabian operations over the past year, Jones has also helped to launch Gulf Recoveries, a specialist claims service which aims to be the leading provider of subrogated claim recovery services in Mena. His influence on local regulators and government bodies cements his spot in this year’s Power 50.

Wael Khatib, Senior Partner & Chairman, Lockton (Mena)Khatib has overseen a huge expansion across the Mena region from Lockton who, in November, announced the opening of its new Jordan office. Khatib is already a powerful man in the region and, as he has stated, “[Lockton] is planning further expan-sion in countries across the Mena region in the coming 12 months.” 2016 will undoubtedly see him become even more influential.

Steve Lundin/Robert Makhoul, CEO (Mena)/Executive Chairman (Mena), MarshAppearing again in this year’s Power 50, Makhoul continues to be a powerful man in Mena insurance, identifying opportunities and driv-ing strategic growth in such a way that continues to demand respect from his peers. With a number of votes, Makhoul is joined this year by Steve Lundin, who has overseen Marsh’s Mena operations and in particular has been an instrumen-tal force in strengthening Marsh’s Employee Health & Benefits oper-ating model in the region.

George Kabban, CEO, UIB InsuranceWith almost a decade as CEO of UIB (DIFC) Kabban has is one of the industry’s most powerful figures. One of very few CEOs globally with hands on rig experience, Kabban has a huge breadth of experience, giving him a very unique knowledge, and contributing to him winning CEO of the year at the Mena Insurance Awards.

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Mounir Kharma, CEO, GlobemedA pioneer in third-party medical operations across the Middle East, Kharma has more than 45 years of international experience with a particular focus on the Mena region. As head of Globemed, Kharma has overseen the establishment of 12 operations across the region (Lebanon, Syria, Saudi Arabia, Kuwait, Bahrain, Qatar, the UAE, Jordan, Palestine, Egypt, and Nigeria) and he has no plans to stop expanding the enterprise.

Christian Gregorowicz, CEO, NEXtCAREWith mandatory medical insurance being imposed across swathes of the Mid-dle East, Gregorowicz is becoming an increasingly influential character. Since its establishment in 1999, NEXtCARE has become one of Mena’s leading TPAs and employs staff in the UAE, Lebanon, KSA, Egypt, Bah-rain, Oman, Qatar, Kuwait, Morocco and Tunisia.

Andrew Mackenzie, Managing Associate, Simmons and Simmons An expert in international insurance legislation, Mac-kenzie is one of the most

influential legal voices across Mena. Acting on behalf of developers, contractors, sub-contractors, governments and joint ventures, Mac-kenzie has been praised for his “absolute client focus”, and the extent of his legal understanding make him an important man across Mena’s insurance industry.

Kevin Willis, Director (financial institution ratings services and MEA sector specialist), Standard & PoorsRenowned for his techni-cal knowledge and detailed understanding of Mena Insurance, Willis was nomi-nated a number of times by Mena IR readers and once again justifies his spot in the Power 50. Willis’s team publishes country and sec-tor reports, offering vital information that influences strategic decisions taken by both companies and regula-tory bodies.

ONES TO WATCH

Nawaf Hasan, Mena practice director, Arthur J. Gallagher & Co.Having been appointed Mena practice director at JLT in February 2016,

Hasan has wasted no time in setting about revolu-tionising JLT’s regional growth strategy. Having considerable knowledge and first-hand experience of working in London as well as Middle Eastern markets, Hasan’s innovative approach and international perspec-tive make him an important asset in Mena insurance’s future development.

Hatim Maskawala, Managing Director, Badri Management ConsultancyGaining experience at ADNIC as the head of actuarial, Maskawala has useful corpo-rate experience. His ability to carry out complex actuarial analysis in a pragmatic and practical way makes him an important element of Badri’s success and a name to watch for the future.

Massimo Falcioni, CEO, Coface (Middle East)Overseeing the expansion of Coface across the Middle East, Falcioni has been an integral part of the com-pany’s business operations and growth strategy. A strong year for Coface, 2015 saw the company not only extend its client base in both domestic and interna-tional markets but saw the organisation pick up the Trade Credit Management Solutions Provider at the Mena Insurance Awards.

Dr Chris Wareham, Director, HawkinsWareham’s expertise in fo-rensic investigation and Mid-dle East litigation are quickly earning him a reputation as an important asset in the risk management process. Since joining Hawkins in 1998, Wareham has investigated

more than 1,000 fires, explo-sions and associated failures, ranging from relatively small commercial and domestic incidents to complex major losses.

John O’ Flaherty, CEO, JLT MenaTaking over from Ken Maw, one of the region’s most rec-ognisable names, is no small feat, but O’Flaherty has al-ready set about developing JLT’s regional prominence as the international brokerage announced the creation of a new regional Credit, Politi-cal and Security (CPS) Risk hub in the UAE last year. Certainly one to watch.

Safder Jaffer, Managing Director, Milliman (Middle East and Africa)Before joining Milliman, Jaffer was a vice-president at Swiss Re, where he worked for over a decade, spending eight years cover-ing the UK market and three covering the Middle East. Jaffer was responsible for family retakaful solutions at Swiss Re and was instru-mental in setting up the company’s retakaful branch. Combining his international perspective and manage-rial experience, Jaffer is on the path to becoming one of Mena insurance’s most powerful characters.

Stephen Cosgrove, CEO, Sabb TakafulFollowing the resignation of Adrian Flowers, Sabb Takaful have appointed Stephen Cosgrove as CEO. Cosgrove has over 15 years of experi-ence in the industry and his expertise in insurance retail will see him make a consid-erable impression on the Mena insurance market.

Mark Cooper, Dubai country manager, LloydsAppearing as one to watch in last year’s Power 50, Cooper has undoubtedly earned his place in the list with his work in promot-ing the prominence of Lloyds as a market in Dubai, simultaneously helping to push the DIFC to become Mena’s central insurance hub.