Asia Capital Re Opens Branch Office In Dubai International Financial CentrePress Release02 Jun 2013 08:56 am
Asia Capital Reinsurance Group Pte. Ltd. (Asia Capital Re) announced that it has opened its branch office in the Dubai International Financial Centre (DIFC), following final regulatory approval received. Operational with effect from 1 April 2013, the Dubai Branch Office is Asia Capital Re’s second branch office after Hong Kong.
Commenting on the company’s latest footprint in the Middle East, Dr Reto Brosi, Principal Officer of Asia Capital Re said: “The economic growth in the Middle East has spurred governments across the region to proactively support investments in the infrastructure, commercial and residential property sectors. We see tremendous corresponding opportunities for the (re)insurance sector to support this burgeoning growth. As a major economic centre in the region, Dubai is strategically located for Asia Capital Re to better service our expanding client base across the Middle East with our unparalleled combination of international underwriting expertise and deep local insight of the region’s risk exposures and business culture.”
Concurrently, Asia Capital Re has appointed Mr Rainer Lehner as the Senior Executive Officer of its new branch office. Trained in Geoscience, Mr Lehner has almost 15 years of experience in the (re)insurance industry, having managed responsibilities in business development, broking and underwriting, largely in Asia. He previously held positions in Swiss Re and JLT Risk Solutions. Just prior to assuming this new role, Mr Lehner was Head of Underwriting of ACR ReTakaful MEA B.S.C. (c), an associated company of Asia Capital Re.
On his new role in steering Asia Capital Re’s operations in Dubai, Mr Lehner said: “At Asia Capital Re, we pride ourselves on always placing priority on the interests and needs of our clients. Supported by colleagues in our Singapore headquarters, our Dubai Branch Office offers full-fledged underwriting capabilities for facultative and treaty businesses including property, energy and engineering lines. It also provides dedicated support in risk engineering, capital relief solutions, enterprise risk management, actuarial services and underwriting. Having a physical presence in the Middle East also allows us to respond even more quickly and be closer to our valued business partners. I am very excited to be at the forefront of serving our clients in the Middle East.”
Welcoming Asia Capital Re to the DIFC community, Jeffery Singer, CEO of DIFC Authority, said: “The region has experienced rapid economic development in the last few years, which has driven the GCC’s annual premium growth rate to up to five times the global average. The Middle East holds immense potential for insurance firms and Asia Capital Re’s decision to build on their existing operations within the DIFC is a reflection of that potential. We remain committed to promoting the growth and development of the reinsurance industry within the Centre and the wider region and the continuing scalability and diversity of players in the insurance sector is testimony to that.
With the opening of its Dubai Branch Office, Asia Capital Re’s physical presence in Asia is now extended to eight territories. Headquartered in Singapore, Asia Capital Re also has offices in Hong Kong, Taiwan, Japan, Korea, Vietnam and India