A.M. Best Co. announced the formal opening of its new office in the Dubai International Finance Centre (DIFC) in Dubai, UAE. The office is located in Tower 2, Currency House, DIFC, and “will operate as A.M. Best MENA, South & Central Asia, servicing clients throughout the region and developing new relationships to continue to grow its insurance ratings franchise,” said the bulletin.
“Rating analytics will continue to be performed by teams based in London and Hong Kong.” Best obtained the necessary approvals to establish within the DIFC in February.
The rating agency pointed out that it has “greatly expanded its coverage of the Middle East and North Africa region as the market evolves and ratings become more widely used.”
Abdulla Mohammed Al Awar, CEO of DIFC Authority, noted that “amidst the constant development in the world of financial services there has been a rapid growth in the insurance industry. To provide comfort to policy holders, companies in that industry need reputable rating agencies of A.M. Best’s caliber to assess their creditworthiness.
“We are very proud to have the pioneers of the concept of financial ratings that specialize in insurance establish their regional presence in DIFC,” he added. “We look forward to supporting their business here and working with them to further develop the financial services industry in the region.”
Vasilis Katsipis, general manager – market development, will be responsible for the office in Dubai and will report to Nick Charteris-Black, managing director, market development A.M. Best – EMEA.
Dr. Roger Sellek, CEO of A.M. Best – EMEA and Asia Pacific,stated: “We look forward to joining the other international companies in what has become a major financial center for the region. The opening of A.M. Best MENA, South & Central Asia is an important step in A.M. Best’s commitment to being a truly global rating agency servicing the needs of the (re)insurance industry throughout the world including the growth economies in this important region.”
The full address of A.M. Best’s new office in Dubai, UAE is:
A.M. Best MENA, South & Central Asia,
Office 102, Tower 2,
Currency House, DIFC.
P. O. Box 506617, Dubai,
United Arab Emirates.
Tel: + 971 (0) 43 752 782
Source: A.M Best
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