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Munich Re receives Dubai licence

Dubai, June 29, 2010

Munich Re Underwriting Agents (DIFC), part of Munich Re of Malta Holding and a reinsurance unit of top reinsurance company Munich Re, said it received a licence from the Dubai Financial Services Authority (DFSA) to operate in the DIFC.

The DIFC office will serve as the company’s regional reinsurance hub to serve the Middle East and Africa regions, primarily focusing on the health reinsurance business for the fast growing emerging markets. It will operate under two broker arrangements for Munich Re in Munich and Munich Re of Malta, said a company statement.

Welcoming the new entrant to the Centre, Abdulla Al Awar, CEO of DIFC Authority said, "Munich Re’s decision to establish their offices in the DIFC as a regional hub is timely given the region’s increasing demand for quality and affordable healthcare."

"The DIFC office will offer Munich Re a strategic base to tap emerging markets in the region by combining their vast experience with local market expertise."

Marwan Lutfi, Deputy CEO and Head of Business Development, DIFC Authority, said, "The addition of Munich Re to the DIFC insurance and reinsurance cluster is an important development, given that the regional health reinsurance sector is rather under developed, offering Munich Re a vantage point to service Middle East and Africa."

"For regional firms looking to finance and manage corporate risk, the DIFC's legislative framework, coupled with its favourable tax environment, offers a convenient and robust platform," he added. 

Speaking about the newly formed DIFC office, Dr Frank Mayer, CEO, Munich Re Underwriting Agents (DIFC) said, “Munich Re will service governments and governmental institutions, insurance companies, self-funded schemes and other clients as a holistic one-stop shop to provide individual and tailor-made reinsurance and risk management solutions for the growing healthcare market in the Middle East and Africa.”
 
Munich Health, one of three business segments within Munich Re, alongside primary insurance and reinsurance was established in 2009.

"Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity," he added.-TradeArabia News Service




Tags: DIFC | Munich Re | Dubai licence |

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