Jardine Lloyd Thompson registers as first ancillary service provider at the DIFCPress Release 08 Nov 2004 01:54 pm
UK-headquartered JLT Risk Solutions Limited, part of the Jardine Lloyd Thompson group of companies and a main subsidiary of Jardine Lloyd Thompson Group plc (LSE:JLT.L), has been registered as an Ancillary Service Provider (ASP) allowing it to operate from within the Dubai International Financial Centre (DIFC). JLT is the first company to be registered as an ASP by the DIFC Financial Services Authority (DFSA).
Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre , welcomed JLT to the DIFC,
“ Jardine Lloyd Thompson has demonstrated its ambition and commitment to this region already and has rightly identified the DIFC as representing a significant opportunity. I am delighted to welcome JLT to the DIFC.”
“There is a substantial opportunity for the insurance industry in the Middle East. At present the region accounts for only $10 billion in annual premiums out of the $2.3 trillion global market. Yet more and more leading businesses are based here and we can expect aviation and commercial insurance to achieve double- digit growth over the next ten years.
The DIFC will offer a hub for insurance and re-insurance companies, brokers, captives and other service providers, enabling them to establish their regional operations in a single base in the Centre.”
JLT is involved in many substantial projects in the region, notably oil and gas projects in Qatar. In November 2003, JLT successfully outbid other major global insurance businesses to cover Dolphin Energy’s $4 billion Dolphin Project. Globally, JLT employs over 5,000 staff and operates out of more than 100 offices in over 30 countries.
Jardine Lloyd Thompson was recently voted European Commercial Broker of the Year at the prestigious European Risk Management Awards in London.
Steve McGill, CEO, Jardine Lloyd Thompson Group plc said:
“The Dubai International Financial Centre has the potential to transform the region’s insurance and reinsurance markets and JLT is pleased to be part of this new and exciting initiative.
“JLT is present in every major market in the world and in order for us to continue to identify and develop solutions for our growing client-base, it is important that we continue to develop our position in the Middle East. The DIFC offers us a professional and modern business environment conducive to our ambitious expansion plans.”