SHIELDS

What SHIELDS does

SHIELDS Reinsurance Brokers Ltd is a Dubai-headquartered, DIFC-based reinsurance intermediary and reinsurance management company founded in March 2018. The firm operates as a regulated broker between ceding insurers and global reinsurance markets, providing Treaty reinsurance (proportional, non-proportional, and non-traditional) across property, engineering, energy, marine, liability, motor, medical, life, and miscellaneous accident classes, alongside Facultative reinsurance for political violence, terrorism, trade credit, financial lines, and D&O risks. Its service model is sales-led, delivered through direct enterprise engagement with insurance company clients in the Middle East, Africa, and South-West Asia, with execution supported by underwriting authorities and access to reinsurers across Europe, the Middle East, Africa, Asia, the US, and Bermuda.

Revenue is generated through commissions on placed reinsurance business, with pricing negotiated individually with each client. The firm supplements placement with an Analytics team providing Financial Modelling and Catastrophe Modelling services that quantify client exposure and capital at risk. SHIELDS holds regulatory standing with the DFSA in the UAE, the FCA in the United Kingdom (approval received October 2021), and full broker registration at Lloyd's of London (since March 2018), operating through both a DIFC entity and a UK entity. The company is privately held, employs 11–50 people, and has no disclosed funding rounds, parent company, or institutional investors in the source material. In April 2026, Miller Insurance Services LLP (a 1,300+ employee global specialty broker) agreed to acquire SHIELDS, subject to regulatory approval and targeted for a Q2 2026 close, which would transition the firm from independent operator to a regional platform within Miller's broader network.

Name

SHIELDS

Legal name

Shields Reinsurance Brokers Ltd

Website

https://shields-re.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

SHIELDS is a DIFC-based reinsurance intermediary and management company serving ceding insurers across the Middle East, Africa, and South-West Asia with Treaty and Facultative placement plus Financial and Catastrophe Modelling analytics.

Ownership category

akta.pro rank

Product category

Reinsurance Brokerage

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Reinsurance Brokerage (FSAEADAE)

akta.pro secondary industries

Casualty Treaty Reinsurance (FSAOAEAD), Property Treaty Reinsurance (FSAOAEAC), Casualty Facultative Reinsurance (FSAOAFAB), Property Facultative Reinsurance (FSAOAFAA), Facultative Professional Liability Reinsurance (FSAOAFAG), Catastrophe Reinsurance Brokerage & Placement (FSAOACAN)

Keywords

• Reinsurance brokerage
• Treaty reinsurance
• Facultative reinsurance
• Catastrophe modelling
• Risk analytics services

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Reinsurance Brokerage Commission: Shields acts as an intermediary between ceding companies (insurers) and reinsurers, earning commissions on placed reinsurance business. The company specializes in both Treaty and Facultative reinsurance across multiple classes including Property, Engineering, Energy, Marine, Liability, Motor, Medical, Life, and specialty lines.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

SHIELDS is an international reinsurance intermediary and reinsurance management company that designs, prices, and places treaty and facultative reinsurance programmes for insurance companies across the Middle East, Africa, and South-West Asia. Its specialists act as brokers between ceding insurers and global reinsurers, handling proportional, non-proportional, and non-traditional structures across property, engineering, energy, marine, liability, motor, medical, life, and specialty lines. An in-house analytics team supplements placement with financial modelling and catastrophe modelling services to help clients quantify exposure and optimize reinsurance spending.

Product overview

SHIELDS is an International Reinsurance Intermediary and Reinsurance Management company headquartered in Dubai, operating as a unified reinsurance services platform. The company offers three core service lines: Treaty Reinsurance (proportional, non-proportional, and non-traditional across property, engineering, energy, marine, liability, motor, medical, life, and misc accident classes), Facultative Reinsurance (layered and first-loss coverage for political violence, terrorism, trade credit, financial lines, and D&O), and Analytics (financial modelling, catastrophe modelling, reinsurance optimization, and capital at risk assessment). The company operates under regulation by DFSA (UAE), FCA (UK), and is a registered broker at Lloyd's of London.

Differentiator

Problem solved

Functional benefit

Products and services

• Treaty Reinsurance Treaty reinsurance broking service for insurance companies (ceding companies), providing proportional, non-proportional, and non-traditional reinsurance programmes across property, engineering, energy, marine, liability, motor, medical, life, and miscellaneous accident classes. SHIELDS specialists design, price, and place the programme with first-class reinsurers.
• Facultative Reinsurance Facultative reinsurance broking service for individual risks, offering layered and first-loss coverage for political violence, terrorism, trade credit, financial lines, and D&O. The team works around the clock to deliver required coverage across all business lines.
• Analytics (Financial and Catastrophe Modelling) Analytics service for insurance and reinsurance clients, delivering financial modelling and catastrophe modelling to help quantify exposure, assess capital at risk, and optimize reinsurance spending across treaty and facultative programmes.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Miller Insurance Services LLPcoreStrategic or Co-development Partner · 1 January 2026Miller Insurance Services agreed to acquire Shields Reinsurance Brokers, subject to regulatory approval. The acquisition targets a Q2 close and will establish Miller's presence in the Dubai International Financial Centre (DIFC) across the MENA region. This represents Shields transitioning from an independent broker to being integrated into Miller's global platform.
• Lloyd's of LondoncoreStrategic or Co-development PartnerShields is a fully registered broker at Lloyd's of London, received regulatory approval from Lloyd's and maintains an ongoing relationship for reinsurance placement access. The registration was formally presented at the Dubai World Insurance Congress with Lloyd's executive leadership present.
• Reinsurers across Europe, Middle East, Africa, Asia, US and BermudacoreChannel Partner/ Reseller/ DistributorShields has underwriting authorities as well as access to all reinsurers across Europe, Middle East, Africa, Asia, US and Bermuda. This network of first-class carriers allows the team to select and design reinsurance products from a variety of reinsurers to meet client needs.

Scale indicators4 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Guy Carpenter: Global reinsurance and risk advisory business of Marsh McLennan and the world's largest reinsurance broker. Directly comparable to Shields as a reinsurance intermediary placing treaty and facultative business across all major lines, but operating at vastly greater scale and global footprint.
• Aon Reinsurance Solutions: Reinsurance brokerage arm of Aon plc, providing treaty, facultative, and capital advisory across global markets. Comparable to Shields in core placement activity, analytics-driven advisory, and multi-line offering, but at global incumbent scale.
• Willis Re (WTW Reinsurance): Reinsurance brokerage arm of WTW, providing treaty, facultative, and analytics-driven reinsurance solutions globally. Directly comparable to Shields in services and customer type, but with a much broader international carrier and client footprint.

Direct peers

• Miller Insurance Services: London-based specialist re/insurance broker (1,300+ employees) that has agreed to acquire Shields. Closely comparable in offering (re/insurance brokerage and advisory), and the transaction makes Miller the single most relevant commercial counterparty and competitor in the same space.
• Howden Re: Reinsurance arm of Howden Group, formed through acquisitions including Ed Broking, focusing on treaty and facultative placement globally with strong emerging-markets exposure. Directly comparable as a specialty-driven reinsurance broker with similar client base and multi-line positioning.
• Lockton Re: Independent global reinsurance broker within Lockton, the world's largest independent insurance brokerage. Comparable to Shields as a non-incumbent reinsurance intermediary competing for treaty and facultative mandates, with similar specialty and analytics capabilities.
• TigerRisk Partners: Specialty reinsurance and capital markets advisory firm focused on complex treaty and structured reinsurance placements. Comparable to Shields in targeting sophisticated cedents with bespoke placements and analytics-driven structuring, though operating more in the capital markets layer.

Emerging players

• BMS Group: Independent specialist insurance and reinsurance broker with growing international presence, including Middle East operations. Comparable to Shields as a mid-sized specialty broker competing for treaty and facultative placements in similar lines and geographies.
• Capsicum Re: Specialist reinsurance broker with strong emerging-markets and MEA focus, providing treaty and facultative placement across property, casualty, and specialty lines. Directly comparable to Shields in regional focus, multi-line breadth, and boutique scale.

Regional players

• Astaara Re (part of Astra Group): Specialty reinsurance broker operating out of the DIFC focused on serving Middle East, Africa, and South Asia cedents with treaty and facultative solutions. Most directly comparable to Shields by location, target geography, and boutique regional broker profile.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/shieldsreinsurancebrokers

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SHIELDS