Marsh granted first captive insurance management licence in DubaiPress Release 14 Jul 2008 05:44 pm
Marsh, the world's leading insurance broker and risk adviser, today announced that it has been awarded the first licence to provide captive insurance management in Dubai.
Operating as Marsh Management Services (Dubai) Limited, the company has been authorised by the Dubai Financial Services Authority (DFSA) and will offer captive insurance management services from within the Dubai International Financial Centre (DIFC). Marsh Management Services (Dubai) Limited is the first company to be registered as an insurance manager by the Dubai Financial Services Authority (DFSA).
Abdulla Al Awar, Managing Director of the DIFC Authority, said: "The establishment of Marsh's office is testimony to DIFC's potential to be a hub for captive insurance both regionally and globally. DIFC is keen to provide the infrastructure, regulatory environment and support necessary for leading global insurance companies like Marsh to offer innovative solutions for their clients in the region.
"As DIFC seeks to develop further as a global financial centre, captive insurance is one of the key sectors that we are looking to develop. With the rapid development of the economy and the financial industry, the growth potential for captive insurance in the region is very promising."
Commenting on the announcement, Ronny Vellekoop, Head of Office, Marsh Management Services (Dubai) Limited said: "High levels of economic growth in the Gulf region are not only providing many opportunities for companies based here but also increasing the number of corporate risks they face. As risk management becomes more sophisticated, local companies want more options when making decisions about financing that risk. While captive insurance is so-far little used in the region, the history of innovation in the Dubai market suggests that its use will quickly increase."
Michael Cormier, Managing Director, Marsh Global Captive Solutions Practice, said: "DIFC has the potential to establish itself as an international captive insurance domicile and Marsh is pleased to be part of this exciting development. Marsh Management Services is present in every major captive domicile 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 conductive to our ambitious expansion plans."