Posted on Jul 08, 2010 by Sergio Ulloa
Munich Re has been licensed by the Dubai Financial Services Authority (DFSA) to open a reinsurance unit called Munich Re Underwriting Agents (DIFC) Ltd. in the Dubai International Financial Center, making it the first of the biggest reinsurance companies in the world to do so.
Operating out of the Dubai International Financial Center will allow Munich Re Underwriting Agents to service the entire Middle East and African region, as the DIFC acts as a regional reinsurance hub. The subsidiary will be focusing on health reinsurance given the expanding need for affordable quality healthcare in the Middle East and Africa. Munich Re Underwriting Agents is part of Munich Re of Malta Holding Ltd. and its operations will be run under two broker agreements with Munich Re of Malta and Munich Re in Munich.
According to Dr. Frank Mayer, the Chief Executive Officer of Munich Re Underwriting Agents (DIFC) Ltd., "Munich Re will service governments and governmental institutions, insurance companies, self-funded schemes and other clients as a holistic one-stop shop to provide individual and tailor-made reinsurance and risk management solutions for the growing healthcare market in the Middle East and Africa."
Abdulla Al Awar, the Chief Executive Officer of the DIFC Authority commented that "Munich Re's decision to establish their offices in the DIFC as a regional hub is timely given the region's increasing demand for quality and affordable healthcare. The DIFC office will offer Munich Re a strategic base to tap emerging markets in the region by combining their vast experience with local market expertise."
The Head of Business Development and Deputy Chief Executive Officer of the DIFC Authority, Marwan Lufti, said that "The addition of Munich Re to the DIFC insurance and reinsurance cluster is an important development, given that the regional health reinsurance sector is rather under developed, offering Munich Re a vantage point to service Middle East and Africa. For regional firms looking to finance and manage corporate risk, the DIFC's legislative framework, coupled with its favorable tax environment, offers a convenient and robust platform."
Insurance Company Mentioned:
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. It operates in all lines of insurance, with around 47,000 employees throughout the world. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO is one of the largest insurance groups in Europe and Germany and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.