American Life Insurance Company (ALICO) Regional Headquarters to open in the DIFCPress Release 25 Jan 2006 10:38 am
American Life Insurance Company (ALICO), a subsidiary of American International group (AIG) announced today that it has been registered by the Dubai Financial Services Authority (DFSA) as an Ancillary Service Provider to service its operations in the Middle East, Africa and South Asia (MEASA region) from the Dubai International Financial Centre (DIFC).
ALICO will be moving its regional headquarters to the Gate Building at the DIFC.
American Life Insurance Company (ALICO) has been present in the Middle East, Africa and South Asia region since 1952 and maintains a leading presence in 14 territories across the region providing a wide range of Life, Accident and Health insurance products through diversified distribution channels, starting from Bangladesh (since 1952), Lebanon (since 1953), Saudi Arabia (since 1954), Kuwait (since 1954), Jordan (since 1958), Bahrain (since 1960), United Arab Emirates (since 1962), Qatar (since 1962), Oman (since 1971), Turkey (since 1988), Pakistan (since 1995), Palestine (since 1996), Egypt (since 1997) and Nepal (since 2001).
Welcoming ALICO, Dr. Omar Bin Sulaiman, Director General of the DIFC Authority said, “This is a significant addition to our portfolio of major international insurance companies located at the DIFC. With ALICO’s well-positioned presence and fast growing record, we all stand ready for even greater growth potential in the future.
“One of the objectives of the DIFC is to contribute to the development of the insurance and reinsurance industry in the region. By providing an ideal environment with world-class infrastructure and regional opportunities, the DIFC is laying the foundations for the future of the regional insurance industry.”
Mr. Patrick Choffel, ALICO MEASA’s Regional President said, “It gives me pleasure to relocate our Regional Headquarters to the DIFC and continue our thrust for excellence and growth, from such a renowned international financial centre. We shall maintain our commitment and promises to our customers, shareholders, employees and sales force through a culture of multi-products and multi-market needs solutions in life, accident and health protection.”
American Life Insurance Company (ALICO), incorporated in Delaware U.S.A., is among the largest international life insurance companies in the world, with operations in more than 55 countries. ALICO’s branches and subsidiaries market a broad range of life, accident and health insurance products, such as traditional life, supplemental medical and personal accident products, group life, annuities and pension and medical business, through a network of agents and brokers.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.