The ACE Group of insurance and reinsurance companies announced that it has been granted a license from the Dubai Financial Services Authority to establish a wholly owned subsidiary in the Dubai International Financial Centre (DIFC).
ACE said it “has been granted a DFSA Category IV license enabling the company to offer reinsurance products to the market, including a full range of property, casualty and accident and health coverages.
“The new company is called ACE Insurance Management (DIFC) Ltd and will be managed by Mark Quinn, who is the Senior Executive Officer. ACE also plans to strengthen its underwriting presence in Dubai with the appointment of a Senior Property Underwriter.”
The DIFC opened in 2004, and has become one of the world’s fastest growing international financial centers. It “offers ACE access to a fully integrated reinsurance market.”
Steve Dixon, Regional Managing Director for ACE in the Middle East and North Africa (MENA), commented: “Our license to operate in the DIFC is a significant milestone in ACE’s growth across the Middle East region. We now have in place a solid team of specialist underwriters located close to the market, providing reinsurance solutions that are reinforced by access to the resources of our global network.”
Andrew Kendrick, CEO and Chairman of ACE European Group (which incorporates MENA) added: “Having a presence in the DIFC is very important for ACE’s development and demonstrates our commitment to the region. We see a great opportunity for our Dubai operation to build on the success we have had throughout the MENA region.”
ACE has had a representative office in Dubai since 2008. ACE will share the DIFC office with Sovereign Risk Insurance, a wholly-owned subsidiary of ACE, one of the world’s leading underwriters of political risk insurance. ACE Dubai forms part of the ACE MENA regional group.
Source: ACE Group
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