ASPIRE UNDERWRITING AGENCY LTD
Aspire Underwriting Agency Limited (AUAL) is a Managing General Agent based in the Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. AUAL is majority owned by Walaa Cooperative Insurance Company (KSA), providing strong capital backing and regional reach. AUAL underwrites on behalf of ‘A’-rated company markets and offers a maximum line size of USD 57,500,000 any one risk across all binders.
Aspire to be....
Global
Aspire Underwriting Agency Limited (AUAL), based in Dubai, supports global (re)insurance needs across more than 100 countries, with a focus on the energy sector.
Founded in 2017 to provide regional representation for Oilfield Offshore Underwriting Limited (OOUL), AUAL is part of the Oilfield group alongside OOUL and Oilfield Insurance Agency Limited (OIAL); both Lloyd’s Cover holders based in London.
Today, AUAL has entered a new chapter as part of Walaa Cooperative Insurance Company, a leading Saudi insurer partly owned by Saudi Awwal Bank. While our structure has evolved, our commitment to underwriting excellence and client-focused service remains unchanged.
Specialist
The AUAL portfolio focuses on three main product lines: Downstream Energy, Upstream Energy, Operational Power Generation and Casualty and Financial Lines
We place heavy emphasis on risk quality by utilizing market surveys and our in-house engineering expertise. AUAL’s engineering-driven approach targets short/medium tail risks using modern (but not prototypical) technology and looks to avoid cat-exposed business, long-term offshore construction, and standalone business interruption.
Independent
AUAL is an agency whose shareholders are employees and/or industry professionals. This has been a critical success factor in establishing the AUAL brand, enabling decision-makers to service clients promptly and efficiently. AUAL is regulated by the Dubai Financial Services Authority (DFSA), which is recognized worldwide for its superior regulatory expertise and corporate governance.
Products & Services
Underwriting
USD 57.5 million delegated authority
Our capacity providers entrust us with fully delegated underwriting authority, across all lines of business, any one risk.
Single access point
Swift processing times and a broker-friendly approach define our services while maintaining rigorous day-to-day underwriting oversight within a single, agile underwriting team.
Structured Capacity Deployment
We use proprietary software to deliver mixed and well-balanced portfolios with minimum Nat Cat exposure. A robust method of capacity deployment is underpinned by disciplined underwriting, focusing on risk quality above all else.
Claims
Delegated claims authority
The AUAL claims team demonstrates unparalleled expertise and autonomy to swiftly assess, process, and settle claims, delivering prompt and fair resolutions. Our dedicated team ensures efficient claims management, providing a seamless and satisfactory customer experience.
Industry expertise
Our Head of Claims, Rachel Butler, has over 30 years of experience in the London and international insurance markets and brings a wealth of claims knowledge to the company. Rachel was previously Senior Vice President Operations for IGI and prior to that held senior claims positions with the London market and Lloyd’s insurers. In addition to her role with AUAL, Rachel also serves as Head of Claims at OOUL.
Engineering
Meticulous internal knowledge
Leveraging our in-house expertise, we excel in precise risk assessments, offer specialized technical guidance, and craft customized insurance solutions to meet our client’s unique needs.
Network of trusted third parties
We have nurtured a vast network of reliable third-party engineering professionals and consultants. This network empowers us to leverage specialized knowledge, tap into additional resources, and collaborate with experts in specific fields, ensuring a comprehensive risk evaluation.
Lines of Business
- Refining
- Petrochemical
- Tank Farm / Terminals / Storage & Distribution
- Midstream subclasses including Gas & Oil Processing
- LNG & LPG Plants and receiving terminals
- Methanol Plants
- Property Damage / Control of Well / Liability Package Policies
- Onshore and Offshore Exploration & Production
- Midstream subclasses including Gas & Oil Processing
- Standalone cover for Operators Extra Expense (OEE)
- Offshore and Onshore Drilling Contractors.
- Floating Production Storage and Offloading (FPSOs) and FSOs
- Single point moorings (SPM)
- Short period offshore Construction
- Gas / Oil / Coal Plants
- Geothermal Plants
- Hydroelectric Plants
- Solar Plants
- Wind Farms
- Waste to Energy Plants
- Employees’ Compensation and Employer’s Liability
- General Liability
- Products Liability
- Directors and Officers Liability
- Commercial Crime
- Commercial Professional Indemnity
- Single Project Professional Indemnity
- Financial Institutions Professional Indemnity
- Cyber Insurance
- Banker’s Blanket Bond
- Event Cancellation
- Medical Malpractice
Meet the Team
Underwriting
Richard Smith
richard.smith@aspireuw.com
Jay Mance
jay.mance@aspireuw.com
Beverley Church
beverley.church@aspireuw.com
Lynette Sunas
lynette.sunas@aspireuw.com
Phinu Thomas
phinu.thomas@aspireuw.com
Ashwath Amrithraj
ashwath.amrithraj@aspireuw.com
JIGNA GOKANI
jigna.gokani@aspireuw.com
Finance & Compliance
Minerva Perinas
minerva.perinas@aspireuw.com
Jerry Librazon
jerry.librazon@aspireuw.com
Sheena Sy
sheena.sy@aspireuw.com
Ann Joy Ampoloquio
ann.ampoloquio@aspireuw.com
Board of Directors
Richard Smith
Richard Smith serves as Chief Executive Officer and a Board Director of AUAL. He joined the company in 2019 as CUO, where he established the agency’s underwriting platform before being appointed CEO in 2024. With nearly two decades of experience across engineering and insurance, Richard has held senior roles at FM Global, Asia Capital Re, and Zurich. His technical background and market insight have been instrumental in developing AUAL into a leading MGA across the Middle East and Afro-Asian markets. He also led the business through a change in ownership structure, with Walaa Cooperative Insurance Company becoming the majority shareholder in May 2025. Richard holds a Master’s degree in Civil Engineering and is a Chartered Insurer (ACII).
Johnson Varughese
Johnson Varughese is a Board Director of AUAL and currently serves as Chief Executive Officer of Walaa Cooperative Insurance Company, AUAL’s majority shareholder since May 2025. He brings over 30 years of cross-sector experience spanning insurance, finance, and regulatory environments. Since joining Walaa in 2007, Johnson has overseen its growth into one of Saudi Arabia’s top five insurers, leading two industry-first mergers and a series of capital increases. He is a Fellow of the Institute of Chartered Accountants of India and holds a Bachelor’s degree in Commerce.
Wasif Minhas
Wasif F. Minhas is a Board Director of AUAL and currently serves as Chief General Insurance Officer at Walaa Cooperative Insurance Company, AUAL’s majority shareholder since May 2025. With over 26 years of experience across insurers, brokers, and regulators, Wasif has spent the last 17 years in the Saudi insurance market, holding senior roles in underwriting, reinsurance, and technical operations. Prior to Walaa, he held leadership positions at AON, New Jubilee Insurance, and the Securities and Exchange Commission of Pakistan. He holds a Master of Management from the University of Sydney, an MBA in Marketing, and professional designations including ACII and ARM.
Abdullatif Almulhem
Abdullatif AlMulhem is the Chairman of the Board at Walaa, bringing a wealth of experience in corporate governance and leadership across the financial and industrial sectors. He currently serves as the Managing Director of Khalifah AlMulhem Holding Co. and is the Chairman of AUAL. He is also a Board Member of the National Industrialisation Company (Tasnee). Previously, Mr. AlMulhem served on the Board of Bank Aljazira and held a position in the Credit Department at the Saudi Industrial Development Fund (SIDF), where he was involved in financing industrial projects across a wide range of sectors. He holds a Bachelor’s degree in Civil Engineering from Concordia University and a Mini MBA from Queen’s University in Canada.
Contact
Address
Aspire Underwriting Agency Ltd. Office 1203 South Tower, Emirates Financial Towers DIFC, Dubai, UAE PO Box 507131
Call
+971 4 320 5773
Corporate
Regulated by the Dubai Financial Services Authority (DFSA) Aspire Underwriting Agency Ltd. is incorporated in the Dubai International Financial Centre under Commercial License Number 2271. Information contained in this website is directed to clients who qualify as Professional Clients or deemed Market Counterparties under the Rules enacted by the DFSA.