Lockton MENA receives license to operate from the DIFCPress Release 17 Oct 2010 10:41 am
Top 10 global insurance broker chooses Dubai International Financial Centre as its regional business hub
Lockton MENA Limited, a subsidiary of the ninth largest insurance broker in the world "Lockton", has received a license from the Dubai Financial Services Authority ("DFSA") to operate in the Dubai International Financial Centre ("DIFC") starting 1st October 2010.
Lockton marks a prestigious addition to the DIFC's growing insurance sector which currently comprises 47 insurance and reinsurance businesses. Lockton's new regional headquarters in the DIFC will serve as the company's gateway to its targeted markets in the Middle East & North Africa region (MENA).
Marwan Lutfi, Deputy CEO and Head of Business Development, DIFC Authority commented, "Lockton's decision to operate from the DIFC alongside other international players, including four of the world's top five insurance companies, is a further testament of the Centre's robust business platform, and demonstrates DIFC's position as the preferred Centre for global insurance players seeking to build their business in the Middle East, Africa and South Asia region (MEASA).";
Commenting on the newly formed office in the DIFC, Wael Khatib, Chief Executive Officer, Lockton MENA, said: "Establishing a new Lockton subsidiary demonstrates the importance of the region to our group, and our commitment to further strengthen our local and regional presence. Operating with the benefit of a flexible management structure, but backed by the goodwill of the Lockton corporate identity and brand, it will allow us to grow our strong team, which has already doubled in the past 12 months. It will also help "LM"; to achieve its objectives of setting up operations in other territories in the near future.";
"The opening of the Dubai office represents Lockton's first entry into the Middle East and North African region. Dubai is Lockton's regional hub and the office is equipped to handle all classes of business backed by the support of the firm's wholesale operations in London and other locations,"; Khatib added.
The Dubai International Financial Center continues to be the leading financial and business gateway between the Middle East, Africa and South Asia region and the world. Currently 4 of the world's top 5 insurance companies, 5 of the world's top 10 asset managers and 16 of the world's top 20 banks use the DIFC as their regional business hub.