elseco limited joins Dubai International Financial CentrePress Release 19 Jun 2007 04:41 pm
elseco limited, a wholly owned subsidiary of the Allianz Group, announced today that it has received a license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm within the Dubai International Financial Centre (DIFC). elseco limited will help develop the Allianz Group’s activities around the world from its offices in the DIFC, with a primary focus on the Middle East and Asia.
“We look forward to becoming a part of one of the most dynamic financial centres in the world,” said Mr Laurent Lemaire, Chief Executive Officer of elseco limited. “Our suite of underwriting services meet what we believe is a strong market need, and the DIFC is clearly the ideal platform from which to reach out to the region. Today’s announcement is a significant step forward for elseco limited.”
elseco limited’s objective in the region is to provide tailor-made services to its clients in the insurance industry and to offer strong returns for its stakeholders. The company plays a key role in Allianz’s insurance business as the underwriting arm of the group.
Allianz Group is one of the leading insurance and financial services institutions in the world. As a major player in the international financial services sector, it serves more than 60 million clients in more than 70 countries around the globe.
Nasser Al Shaali, Chief Executive Officer of the DIFC Authority, said: “We are extremely pleased to welcome elseco limited to the DIFC, which is now home to more than 400 member companies. Considering the current high rate of growth in the regional insurance industry, the underwriting support provided by firms such as elseco limited has never been more necessary. We are confident that they will make a long-term contribution to the economic growth and stability of the wider region.”
elseco limited’s current activities include underwriting aerospace-related risk for a number of insurance entities around the world, with a capacity in excess of US$15 million per event. The company also provides underwriting solutions to insurance groups worldwide that are willing to participate in this non-correlated class of insurance. In addition, elseco provides insurance products to satellite operators and related stakeholders across the globe that are willing to transfer some of their physical risk to a third party.
elseco limited is co-managed by Pierre-Eric Lys, Chairman, and Laurent Lemaire, Chief Executive Officer. Together, they have more than 25 years experience in the aerospace and defence sector and have had a hand in virtually all aspects of the business, from manufacturing to risk management.