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Lockton Granted License At DIFC,
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, April 16, 2009
The world’s fifth largest global insurance broker, Lockton, announced
today that it has been granted a licence by the Dubai Financial Services Authority
(DFSA) to operate as an insurance broker in the Dubai International Financial
Centre (DIFC).
The opening of the Dubai office represents Lockton’s first footsteps
into the Middle East and North Africa region, with further expansion planned
for the future. The Dubai office will serve as the company’s regional
headquarters. Lockton Dubai will operate as a treaty and facultative reinsurance
operation, serving the needs of regional insurance companies. The office will
be equipped to handle all classes of business backed by the firm’s wholesale
operations in London and other locations.
Nasser Al Shaali, CEO of DIFC Authority said: “The Dubai International
Financial Centre (DIFC) has created the region’s premier regulatory framework
and business-enabling infrastructure to support the growth and maturation of
the region’s insurance market. We are very happy to welcome Lockton, the
world's largest privately held broker and the latest among several global insurance
firms that have located themselves in DIFC to tap the vast opportunities offered
by our region. The Middle East’s highly untapped market, rising awareness
levels, the rapid growth of insurable assets, and various government initiatives
that have made insurance mandatory for some types of risks, are driving the
expansion of its insurance market. Among GCC countries, the UAE offers the most
promising market for insurance companies, with the fastest growth rate and the
highest premiums.”
The office will be managed by Wael Khatib, who has been appointed President,
Lockton Dubai.
Julian James, Chief Executive Officer of Lockton International, said: “We
are pleased to announce this news, which reflects our long term commitment to
enhance our presence in the region and desire to be closer to our clients. The
new Dubai office will further improve the levels of service that our clients
deserve. The importance of managing risk effectively has never been more important
in today’s current financial market. We look forward to adding value to
Middle Eastern clients and helping them to protect their assets.”
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