Lancashire Marketing Services (Middle East) Ltd. joins Dubai International Financial CentrePress Release 23 Apr 2007 04:24 pm
Lancashire Marketing Services (Middle East) Ltd, the wholly owned subsidiary of Lancashire Holdings Ltd., the parent company of the Lancashire Insurance Group, has been granted a license by the Dubai Financial Services Authority (DFSA) to set up an office in the Dubai International Financial Centre (DIFC). The Lancashire Group is a global provider of speciality insurance products, through its UK and Bermuda-based insurance subsidiaries.
Lancashire Marketing Services (Middle East) Ltd. has been specifically created to provide the Lancashire Group with a Middle East presence. Operating as an insurance marketing firm, the newly established company at DIFC will allow the Lancashire Group to market its two insurance subsidiaries more effectively & efficiently in the region.
Commenting on the announcement, Nasser Al Shaali, Chief Executive Officer of the DIFC Authority said: “The exceptional economic growth in the region has highlighted the critical need to adequately manage risk, resulting in increasing demand for insurance and Re-insurance marketing services. We are confident that Lancashire Marketing Services (Middle East) Ltd. will leverage the sophisticated and secure base provided by the DIFC to target the rapidly growing regional insurance market.”
“We are very excited to have joined the DIFC,” said John Melcon, Chief Executive Officer, Lancashire Marketing Services (Middle East) Ltd. “There is a growing need for innovative insurance solutions and marketing services in the Middle East region, and this has opened the doors for companies like Lancashire. The DIFC provides an ideal platform, on par with global standards, from which to meet the needs of this fast growing region. Our association with the DIFC will provide us with a logistical framework and level of expertise that will help us to make the most of these significant opportunities.”
“Dubai is at the centre of a rapidly developing region of the world. The creation of Lancashire Marketing Services (Middle East) Ltd. and its establishment in the DIFC is a strategic addition to the Lancashire Group, and will serve to raise the group's profile in the region by providing it with a local presence,” he added.
The Lancashire Group was established in 2005 and operates through two companies, Lancashire Insurance Company Limited, a Bermudian-authorised company and Lancashire Insurance Company (UK) Limited, a UK-authorised company. Lancashire Holdings Limited's common shares are listed in the Alternative Investment Market (AIM) of the London Stock Exchange.