Aon recruits captive management lead for Middle East
Aon has hired Mike Byrne as its lead for captive management in the Middle East. Based in the Abu Dhabi office, he’ll head the businesses efforts at a time of increasing activity and growing interest in the region, according to a company source.
Byrne has over 25 years’ experience in the industry and in the region, starting his career working for Jeddah-based Aon business Al Salamah Arabian Agencies Co (now Aon Saudi Arabia), and has worked as a general manager for Lonsdale & Associates in Dubai and AIG in Oman. Byrne was also a senior vice president for Island Heritage Insurance Company in the Cayman Islands.
Most recently, he was, until February 2020, head of insurance for Doha Bank Assurance Co, which rebranded as Sharq Insurance LLC last September.
In June, rating agency AM Best noted that while The Gulf Cooperation Council region had lagged behind other areas in captive formation in recent years, hardening of commercial rates was increasing interest, while regulatory developments were making it easier to form captives.
Abu Dhabi, Qatar and Bahrain are among the GCC jurisdictions to have created dedicated captive-specific legislation, modelled on jurisdictions such as Bermuda and Guernsey.