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Lloyd's Of London Launches Dubai Office

by Lorys Charalambous, Tax-News.com, Cyprus

12 March 2015


Lloyd's of London, the specialist insurance market, launched operations from its new Dubai International Financial Centre offices (DIFC) on March 11, 2015.

Essa Kazim, Governor of DIFC and Chairman of DIFC Authority Board of Directors, said that Lloyd's presence in the DIFC will make Dubai the "capital of insurance and reinsurance" for the Middle East and North Africa (MENA) region.

"Lloyd's is highly regarded for its international and specialist approach to underwriting a broad spectrum of risk classes, innovation, flexibility, trustworthiness, and capacity," he said.

Lloyd's Chief Executive, Inga Beale, said: "We are delighted to open a platform in Dubai. It is an important step as it will allow Lloyd's to write business that is brokered in Dubai, providing increased access to Lloyd's specialist expertise and tailored risk solutions."

Nine Lloyd's businesses – Amlin, Argo Re, Liberty, Markel, Visionary, Talbot, Watkins, Catlin, and Beazley – will be operating in the DIFC, providing cover across a diverse range of risks including: marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency.

The DIFC offers a number of perks to firms established in the center, including zero percent income tax guaranteed for 50 years. It allows 100 percent foreign ownership and has no exchange controls.

TAGS: United Arab Emirates | tax | business | marine | energy | aviation | insurance | United Kingdom | construction | trade | individual income tax | Dubai | free trade zone | Africa | Middle East

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