Kay International AMEA Limited receives strong performance assessment from AM Best

On April 4, 2025, AM Best assigned a Performance Assessment of PA-3 (Strong) to Kay International AMEA Limited, a managing general agent (MGA) based in the United Arab Emirates. This designation reflects the company's strong performance in facultative reinsurance covers across emerging markets. Excelling in underwriting, Kay International AMEA has demonstrated solid growth since establishing its operations in 2019, notably during 2023 and 2024. The MGA's expertise is bolstered by its strong in-house knowledge of regional commercial reinsurance markets and clear underwriting guidelines, which have helped mitigate volatility in its results. The company has shown remarkable progress in its financial position, maintaining consistently profitable operations since its inception. By focusing on higher layers of risk, Kay International AMEA has limited exposure to fluctuations, yielding profitable business for its capacity providers. However, AM Best has noted its limited track record, as more than half of its programs commenced within the last three years. Despite this, the senior management team at Kay International AMEA possesses extensive industry experience, enhancing the stability and performance of the organization. Kay International AMEA is regulated by the Dubai Financial Services Authority and operates within the compliance requirements of the Dubai International Financial Centre. This oversight adds to the credibility and trust in its operations, allowing it to attract over 10 rated capacity providers. While managing concentration risk effectively contributes to the assessment's positive outlook, the relatively short duration of relationships with its capacity providers poses as a downside. The company has indicated a clear trajectory of growth, characterized by strong revenue and cash flow. In conclusion, Kay International AMEA's performance assessment underscores its expansion and success as a managing general agent within the reinsurance market. The combination of disciplined underwriting, financial profitability, and experienced management indicates promising future prospects. However, ongoing growth must address the challenges posed by its limited track record in a competitive industry.