Allianz Re joins Dubai International Financial CentrePress Release 14 Feb 2007 04:04 pm
Allianz Re, the reinsurance arm of the Allianz Group, has been granted a license by the Dubai Financial Services Authority (DFSA) to operate as an authorized firm from the Dubai International Financial Centre (DIFC). Allianz Re is a division of the Allianz Group, one of the leading insurance and financial services groups in the world. As a major participant in the international financial services market, it serves more than 60 million customers in more than 70 countries around the globe.
Commenting on the announcement, His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, said, “Financial services is the fastest growing industry in the region, whose continued growth requires the support of the insurance and reinsurance sector. In the midst of this period of sustained growth, it is especially important that financial services firms are able to adequately manage risk – which is precisely why the insurance and reinsurance sector is vital to securing the future of the industry. We are extremely pleased to welcome Allianz, one of the global leaders in the sector, to the growing DIFC family.”
“We are very excited to have joined the DIFC,” said Clement Booth, Member of the Board of Management, Allianz SE. “The opportunities for reinsurance in the region are enormous, and our association with the DIFC will provide us with a logistical, regulatory and strategic framework and a level of expertise that will help us make the most of these extremely significant opportunities.”
Klaus-Otto Bick, Chief Executive Officer, Allianz Re, added, “We believe our strong track record in such areas as risk management, alternative risk transfer, underwriting and claims support will contribute to our success in the region. With our group of experienced staff working in our new DIFC office, we will make a significant contribution to the overall Allianz Group strategy, providing regional perspective and insight.”
Nasser Al Shaali, Chief Executive Officer of the DIFC Authority, said, “Worldwide, demand for insurance and reinsurance has never been greater, and that upward trend is plainly evident here in the Gulf and across the Middle East. From a sophisticated and secure base at the DIFC, firms such as Allianz Re can reach out to a region with a premium pool of over US$30 billion and an insurance market forecast to grow at an annual rate of over 10 percent. As a result, we anticipate a long and mutually beneficial relationship with Allianz Re.”
Headquartered in Munich, Allianz Re has branches in Asia Pacific (Singapore and Labuan) and the Middle East (Dubai), with subsidiaries in Zurich and Dublin. Allianz Re's gross premium written in 2005 was 4.85 billion euros. It enjoys a financial security rating of "AA-" from Standard & Poor's.