Crescent Global Group has announced the launch of a managing general agency (MGA) arrangement to oversee the development of a regional life platform.

Crescent Global Vie will be based in Bahrain and has great expansion ambitions, said a report in our sister publication, the Gulf Daily News.

It is headed by Mounir Kallel, a seasoned insurance professional with more than 20 years' experience in the life insurance/family takaful business in the region.

"Life insurance is undoubtedly the fastest growing segment of the Mena insurance market and we are excited about the prospects of the new venture," said Kallel, who is Crescent Global Vie managing partner.

"With the backing of the group's pan-Arab infrastructure and distribution capabilities, I am confident Crescent Vie will quickly become a formidable player in the life and family takaful arena.

"Crescent Vie intends to offer professional advice for individuals and families as well as consultancy services to all life insurance/family takaful distributors such as financial institutions and insurance providers," he said.

An MGA is a specialised type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer.

Accordingly, MGAs perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents within a particular area, and settling claims. – TradeArabia News Service