Media Release

Joint venture will consolidate leadership in the GCC and Indian Subcontinent

Dubai, Feb 10: Millennium Insurance Brokers, one of the most progressive insurance brokerages in the UAE, and Oman’s largest Insurance Broker Risk Management Services (RMS) LLC, have announced their 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 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.

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

Albert Rodrigues explained 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 to make it deliver. 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 pointed out.

For more than 15 years, Millennium has been known to providequality and cost-effective services and solutions to its consumers, in compliance with the government rules and regulations, to minimize various risks posed in the dynamic business environment. 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 subcontinent and Africa.

David Street said that he saw the alliance as a natural progression towards establishing the company’s foothold across the GCC. "We believe that our joint venture is the best way to leverage the opportunities in the market and drive growth of our insurance solutions in this part of the world," he added. "Together, we have developed some dynamic growth plans in our core markets and we now look forward to the implementation phase."