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MOSCOW, Russia United Insurance Brokers Ltd. in London said that its Russian strategic partner, Malakut Insurance Brokers, has been granted the first insurance broker license in Russia.
Following recent changes in legislation, all brokers in Russia must be licensed by July 1. The law requires broker firms to report financial and other information to Russia's insurance authority, the Federal Service for Insurance Supervision.
Malakut specializes in large speciality risks such as energy, aviation, space, marine and property. The Moscow-based broker has had a partnership with UIB for eight years.
"We have an excellent relationship with Malakut and we are delighted that they have become the first broker to have been awarded a licence, which is testament to their professionalism," said Bassem Kabban, chief executive officer at UIB, in a statement. "Our relationship is strategically important to UIB and we look forward to even closer co-operation with the company".
Andrey Dolgopolov, Malakut's chairman added that the company "looks forward to increasing our co-operation" with UIB.