Muscat Oman’s largest insurance broker Risk Management Services LLC (RMS) and UAE-based Millennium Insurance Brokers have announced a joint venture to provide comprehensive risk consultancy and insurance broking services to customers across GCC, India, Pakistan and Sri Lanka.

The joint venture was signed in Dubai last week between Albert Rodrigues, managing director of Millennium Insurance Brokers, and David Street, group chief executive of RMS.

The new development will allow Millennium to consolidate its leadership in specialist areas such as energy, engineering, freight operations, health, liability and motor fleets, a press release said.

With the combined expertise and market presence, the joint venture aims to further expand its product range with enhanced capabilities and to strengthen the group’s footprint in GCC and the Indian subcontinent.

Rodrigues said that the joint venture will build on the synergies of the two companies to create opportunities in newer markets. “When it comes to addressing niche insurance segments, you need to consider a number of components. You have to form alliances with the right partners, and hence, RMS was a unanimous choice. In terms of direction, sharing common principles of customer centricity and professional approach we are exactly aligned with their future vision”, he added.

RMS, established in 1979, is the oldest, largest and foremost insurance broker in Oman and is jointly owned by Royal Oman Police Pension Fund, MB Petroleum and Oman’s Zawawi family. RMS has associate offices in India, Pakistan and Sri Lanka. RMS plans to have presence in all GCC countries, Indian Sub-continent and Africa.

Street said he saw the alliance as a natural progression towards establishing the company’s foothold across GCC. “We believe that our venture is the best way to leverage the opportunities in the market and drive growth of our solutions in this part of the world”, he added.

Muscat Daily Link

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