Global Reinsurer Alliance Re Registered at DIFC, Using Dubai as Base for Relationships with London, International and Regional BrokersPress Release 05 Mar 2005 11:59 am
- DIFC Welcomes Registration by DFSA of Alliance Re
The Dubai International Financial Centre (DIFC) welcomed the registration of Alliance International Reinsurance Company Limited (Alliance Re) by the Dubai Financial Services Authority (DFSA).
Dr. Omar Bin Sulaiman, Director General of DIFC said,
“Opportunities abound at DIFC for companies across all sectors of financial services such as Asset Management, Banking and Islamic Finance. This is no more the case than with reinsurance companies such as Alliance Re which joins other key players in this sector as a company registered to operate from the world’s newest international financial centre and set to benefit from the increasing demand for insurance in key industries such as aviation, property and energy projects.
The registration of Cyprus domiciled Alliance Re also demonstrates the success of DIFC in attracted leading businesses from around the world.”
Fetooh Al Zayani, Head of Insurance and Reinsurance at DIFC said,
“From the outset we stated that there is a huge potential for reinsurance companies in this region, with DIFC spearheading it. The region can be a major new source of both business and liquidity for international reinsurers and the registration of Alliance Re further confirms that the DIFC is the ideal platform to realise this opportunity.”
“The global reinsurance market is currently valued at around $2.3 trillion. Within this the Middle East accounts for less than $10 billion in annual premiums, so the regional reinsurance sector is set for rapid growth, from which firms such as Alliance Re will benefit.”
Alliance Re has appointed T. Raghuraman as Regional Manager to head its new office at DIFC. Raghuraman has more than twenty years experience in the insurance sector in the Middle East.
Chief Executive of Alliance Re, Khader Hemsi commented,
“We are proud to have been registered to operate from the DIFC by the DFSA and we look forward to sharing in the inevitable success of the project. I am delighted to welcome T. Raghuraman to Alliance Re and am confident that he will build on our experience and good relations in the MENA region to good effect.”
Alliance Re is headquartered and incorporated in Cyprus where it is EU regulated. It has operations in more than fifty countries. Alliance Re has ‘BBB’ Good Long-term Counterparty Credit and Insurer Financial Strength Ratings with stable outlook by Standard & Poor and a ‘B++’ Very Good Financial Strength Rating with stable outlook by A.M. Best.