The long term agreement will see PartnerRe Wholesale provide capacity for Dubai Starr to grow their Directors & Officers (D&O) insurance portfolio through a wide range of small to medium-sized enterprises (SMEs) in Turkey. At present, SMEs in Turkey account for approximately 99 percent of all enterprises and 78 percent of employment in the country[i].
Dubai Starr is jointly owned by the Oman Insurance Company (P.S.C.) and Starr Insurance & Reinsurance Limited (Starr International Insurance). Formed in 2008, the insurer focuses primarily on non-life insurance lines. This includes General Liability, Financial Losses and Legal Protection products. The company seeks to target businesses that have benefited from the significant foreign investment Turkey has experienced in recent years.
Established by the wider PartnerRe brand in 2013, PartnerRe Wholesale was formed in response to the growing insurance requirements of the SME sector. In Turkey, the growth of the D&O insurance market is the result of changes in corporate governance regulation, formalised under the new Turkish Commercial Code which came into effect in July 2012. The introduction of universal accounting and auditing standards, with the aim of increasing transparency, has led to a considerable increase in the demand for D&O policies.
The announcement comes as part of PartnerRe expansion into the SME sector, with the company’s wholesale division entering into several new geographical markets. Since launch, PartnerRe Wholesale has grown its business and now has a substantial portfolio of partners across an international footprint.
Marc van der Veer, General Manager at PartnerRe Wholesale, commented:
“We look forward to working with such an established and respected insurer in the Turkish market. The partnership with Dubai Starr will allow us to access the wider market, and work alongside Dubai Starr in maximising the potential in this region. Our service will provide them with the necessary capacity, additional client services including marketing, product development, pricing and claims management tools facilitating growth of their business.”
Göktug Gür, General Manager at Dubai Starr, said:
“This partnership will allow us to better service our existing clients, as well as attracting new business with an expanded product offering. Through this innovative and unique partnership model, we are able to access the growing potential of the Turkish SME market. Businesses of this size have benefited considerably from increased foreign investment in recent years, and this trend looks set to continue.”
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