UAE, ABU DHABI - Finance
Executive Director, Chedid Capital Holding
Joseph Faddoul is Chedid Capital Holding’s Executive Director. He is responsible for a portfolio in excess of $180 million that consists of property, engineering, life, accident, marine, and casualty facultative reinsurance business. Prior to that, he was the Business Development Manager for AIG in Saudi Arabia. He is also an Associate of the Chartered Insurance Institute of London.
For Chedid Capital Holding, the UAE is of great importance. It is a very dynamic and competitive market, which makes it extremely challenging. At Chedid Capital Holding, we see these parameters as very exciting, and we tune our team mind accordingly. Therefore, we understand that to be successful we always have to anticipate our clients’ needs before it becomes obvious. On the other hand, since we are based in Lebanon, we have the luxury of cost advantage and can attract competent and committed human resources at relatively acceptable packages that give us a competitive edge. Our team is trained to respond and offer a high level of service and we are reachable seven days a week, 24 hours a day, and ready to run the extra mile. We understand that the deal is just a few breaths away from our competitors.
The UAE market is very dynamic and active, and I believe it is one of the most enjoyable markets to service. It is also an extremely aggressive market, as you have to be innovative and willing to run the extra mile. Over the years, we have managed to build a sound and respectful reputation, and our clients are more comfortable dealing with us since they are convinced that Chedid Capital Holding is a reliable partner of choice.
Our growth strategy relies on the areas with unexploited opportunity, especially regarding the restrictions imposed by the reinsurers on the businesses shared between the insurance companies. Previously, many mid-sized businesses and SMEs were not routed to the open market because that business used to be shared between the insurance companies locally. However, with the restrictions imposed by treaty reinsurers, they cannot carry on with such an arrangement. Consequently, we are seeing a great deal of growth in the SME business as a result of the new applicable restrictions. We have to keep in mind that although the primary market is growing by double digits every year, the reinsurance market is shrinking because this premium is being retained, meaning that many proportional arrangements are shifting to excess of loss arrangements. Many premiums on the topside are being retained by the companies, the potential growth lies in the business that used to be shared between the players, and this is what we are currently focusing on.
Any joint effort is much better than a unilateral action. If you have an association to discuss threats that the market is encountering or the challenges that we have, and it is finding solutions or imposing regulations to assist, then I think this benefits the country’s economy as a whole. When a governing body is in place, those who benefit the most out of such initiatives are the companies themselves since we will be tackling obstacles from a macro perspective.
UAE, UAE, ABU DHABI - Green Economy
Secretary General, Environment Agency — Abu Dhabi (EAD)
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