DIFC Welcomes Lloyd's of London the world's specialist insurance market to start MENA region operations from DubaiPress Release11 Mar 2015 02:30 pm
Dubai, UAE; March 11, 2015: Lloyd's, the global centre for specialist insurance and reinsurance, today announced the inauguration of its operations in the Dubai International Financial Centre (DIFC), Dubai's flagship onshore financial platform. The oldest insurance market in the world, Lloyd's brings in 327 years of experience to the DIFC and a unique business model which will further enrich the already flourishing DIFC, consolidating the latter's position as a key hub for business and finance. The office was officially opened this morning by His Excellency Essa Kazim, Governor of DIFC and Chairman of DIFC Authority Board of Directors and Lloyd's Chief Executive Officer Inga Beale.
H.E Essa Kazim, Governor of DIFC and Chairman of DIFC Authority Board of Directors said: "We consider having Lloyd's of London in the DIFC as an accomplishment in its own right. An institution of this magnitude and the wealth of knowledge, expertise and professionalism it perceives will be a valuable addition to our business community. Undoubtedly, this will make Dubai MENA's capital of insurance and reinsurance, underlining the DIFC's pivotal role in meeting the region's growing financial needs. Lloyd's is highly regarded for its international and specialist approach to underwriting a broad spectrum of risk classes, innovation, flexibility, trustworthiness and capacity."
The Dubai International Financial Centre (DIFC) hosts major global financial institutions and law firms. It boasts a global reputation as a major worldwide financial hub in the GCC region. It has a well-established and independent common law judicial system that complies with global best practices and internationally accepted laws and regulatory processes.
Opening the office this morning, Lloyd's Chief Executive Inga Beale said: "We are delighted to open a platform in Dubai. It is an important step as it will allow Lloyd's to write business that is brokered in Dubai, providing increased access to Lloyd's specialist expertise and tailored risk solutions. I'd like to thank the Dubai International Financial Centre and the DFSA for their support and look forward to continuing this relationship in future."
Nine Lloyd's businesses – Amlin, Argo Re, Liberty, Markel, Visionary, Talbot, Watkins, Catlin and Beazley – will be operating in the Dubai International Financial Centre. The specialist underwriters in Dubai will provide cover across a diverse range of risks including: marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency.
Lloyd's Director of International Markets, Vincent Vandendael said: "This is a significant day for Lloyd's and our long term global strategy. After consultation with the market we decided to locate an office in Dubai's prestigious Dubai International Financial Centre and we are very pleased to have seven Lloyd's businesses joining us on our new platform.
Setting up a branch in the DIFC supports Lloyd's Vision 2025 strategy, which was launched by the British Prime Minister David Cameron in 2012. The long-term growth strategy states that Lloyd's should increase its footprint in both developing and developed markets, while at the same time diversifying its capital base. Operating from the DIFC will allow Lloyd's to benefit from an unmatched business environment represented by a dynamic, world-class regulatory system, a unique legal framework and an exceptional geographic location with Dubai being the bridge that connects the east with the west. Thus, Lloyd's will be perfectly placed to expand into the promising, multibillion-dollar MENA insurance and reinsurance market, particularly in the GCC region that has seen a steady growth in demand for more sophisticated (re)insurance products.