DIFC Wins Global Reinsurance Industry Award

by Lorys Charalambous, Tax-News.com, Cyprus

16 September 2005

The Dubai International Financial Centre (DIFC) has won The Review Worldwide Reinsurance Award in the ‘Industry Initiative of the Year’ category.

The award given by The Review magazine was accepted by Dr Omar Bin Sulaiman, Director General of DIFCA, and Ms Fetooh Al Zayani, Head of Insurance & Reinsurance, at the annual gala ceremony held in the Dorchester Hotel in London on September 7th, 2005, viewed as one of the highlights of the reinsurance calendar.

The Review is a global title and its key markets are Bermuda, USA, Central Europe, Asia and London. Since its inception in 1994, the awards have been acknowledged as the leading standard of recognition in the industry around the world.

The awards, set up by The Review, are now in their 12th year, while the magazine itself is a 136 year old publication. Recipients are chosen from entries taken from around the world and adjudicated by a distinguished judging panel which this year included Geoff Bromley, president of Non-Americas at reinsurance brokers Guy Carpenter, Inga Beale, the Head of Continental Europe at GE Insurance Solutions and Greig Woodring, the CEO of the world’s largest professional life reinsurer, RGA.

Commenting on the award, Dr Omar Bin Sulaiman, noted that:

“We set out to create a financial centre to the likes of those in London, New York and Hong Kong - with a regulatory framework built on the best practices found in those leading jurisdictions. This award is a recognition for our efforts. I thank the judges, The Review publication and the team at DIFC for making it happen.”

Ms Fetooh Al Zayani added that:

“To receive this award from such a sophisticated industry is the ultimate recognition and a great honour for us. DIFC now has established its presence on the global reinsurance map.”

Currently, the DIFC has three major insurance and reinsurance companies on board – AIG, JLT and Alliance Re. There are ten other major institutions currently being licensed, including ARIG Retakaful Company.

According to Jason Groves, editor of The Review, Dubai has developed the facilities to "completely transform" the reinsurance industry in the Middle East.

"At present some countries there have little or no regulation but the DIFC has set a new precedent with a well-regulated market in the offing. It is clearly a very interesting development for the market worldwide," Mr Groves observed.

Established in September 2004, the DIFC offers firms 100% foreign ownership, no taxes on income or profits, no foreign exchange controls and no restrictions on the repatriation of capital or profits and has already attracted many big names in the financial services and banking fields, such as Barclays, Merrill Lynch and AIG.

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