Bahrain 1st choice for Lloyd's Mideast push
Manama, December 9, 2010
If global insurance market leader Lloyd's decides to have a physical presence in the Middle East in the future, then Bahrain would certainly be one of the most likely places for such a venture.
That was the claim made by Lloyd's deputy chairman Graham White at the official opening of Trust Re's headquarters in the Diplomatic Area yesterday which was attended by Central Bank of Bahrain Governor Rasheed Al Maraj and other dignitaries.
Trust Re International Insurance and Reinsurance Company last night celebrated its 20th anniversary and the opening of its headquarters at a gala dinner at the Ritz-Carlton Bahrain Hotel and Spa.
Speaking at the ceremony, White said that at present Lloyd's had platforms in China and Singapore but that if it were to set up a similar operation in the region, then Bahrain would be in the forefront of the world's largest insurance market's thinking.
'Bahrain is clearly a financial hub for the region, it is extremely stable and extremely well regulated,' he said.
'This is an important market for us and we do a lot of business here. This is my second visit to Bahrain and I have been very impressed by its financial infrastructure and regulation,' he added.
The gala dinner is being held under the patronage of Al Maraj.
Trust Re is hosting this event to confirm the reinsurance industry as a global economic stabiliser, in addition to highlighting Bahrain as a strategic crossroad between East and West and why it is economically, culturally or historically the ideal location to reach key players across the Afro-Asian and European regions.
'This event is an opportunity for us to celebrate our 20 years of growth as well as take pride in Bahrain's role in nurturing the reinsurance industry for it to become what it is today,' said Trust Re Group chairman Ghazi Abu Nahl.
'We are confident that our base in Bahrain is a key for us to build on to bigger and better things,' he added.
The event is being held in December, at the end of a turbulent global financial year, to emphasise Trust Re's and Bahrain's optimistic visions for a brighter future in 2011 and beyond.
Trust Re Bahrain is part of Nest investment group, a multinational investment group specialising in the energy sector, marine hull and cargo, and other public and private sector industries.
Trust Re International currently operates in Asia, Africa, the Middle East, Russia, and former Soviet Union states.-TradeArabia News Service