DIFC Attracts Major Insurance Firm
Wednesday, March 2, 2011
The insurance company Royal Shield has received a license from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Centre (DIFC). The company, by virtue of its positioning, now has access to the Lloyds and regional reinsurance markets in the Middle East and Africa.
The DIFC, set up in 2004, has managed to persuade a large number of international banks and financial institutions to use the tax-free centre as a launching pad for operations across the Gulf. Clients currently include 16 of the world’s top 20 banks, eight of the world’s top 20 largest asset managers, four of the world’s five largest insurance companies and six of the top 10 global law firms.
Commenting on the newly formed office, Ravi Naidu, Royal Shield's Chief Executive Officer, said: "There are tremendous opportunities for a DIFC-based broker to enter the Middle Eastern and African insurance markets backed up three dimensional reinsurance support.
“I have spent the last 20 years listening to insurers in these regions telling me that they are not being properly served by insurance intermediaries and I am delighted that Royal Shield is now firmly established in the DIFC and able to assist these insurers."
Marwan Ahmad Lutfi, Deputy CEO and Head of Business Development at the DIFC, commented: "The economies of the region are rapidly developing, becoming increasingly sophisticated and interconnected with the rest of the world. This has given rise to the need for insurance and reinsurance services which conform to international standards of regulation and best practice. I am delighted that Royal Shield has identified DIFC as the ideal platform from which to operate their business and we look forward to supporting their business to develop and grow within the region."