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Insurance Ratings Agency Establishes DIFC Office

Friday, May 4, 2012

A.M. Best, a leading provider of credit ratings and financial data for the insurance industry, has received the necessary approvals to begin regional business from the Dubai International Financial Centre (DIFC).

The new office will operate as A.M. Best MENA, South & Central Asia, servicing clients throughout the region and developing new relationships to grow its insurance ratings franchise. Rating analysis will continue to be performed by teams based in London and Hong Kong.

“We are delighted to have received the necessary approvals from the authorities at DIFC and look forward to joining the other international companies in what has become a major financial centre for the region,” said Dr Roger Sellek, Chief Executive Officer of A.M. Best - EMEA and Asia Pacific. “This announcement is an important step in A.M. Best’s commitment to being a truly global rating agency servicing the needs of the (re)insurance industry throughout the world including the growth economies in this important region.”

Abdulla Mohammed Al Awar, CEO of DIFC Authority, added: “Amidst the constant development in the world of financial services there has been a rapid growth in the insurance industry. To provide comfort to policy holders, companies in that industry need reputable rating agencies of A.M. Best’s calibre to assess their creditworthiness. We are very proud to have the pioneers of the concept of financial ratings that specialise in insurance establish their regional presence in DIFC. We look forward to supporting their business here and working with them to further develop the financial services industry in the region.”

One of Dubai's many free zones, the DIFC has a highly attractive tax and regulatory regime, offering firms 0% income tax guaranteed for 50 years, 100% foreign ownership, no exchange controls and a legal system based on English common law. Active companies registered in the DIFC grew by 7% in 2011 to reach 848 by December 31 last year, with the free zone currently home to 21 of the world’s top 30 banks, six of the world’s 10 largest insurers, six of the top 10 law firms and eight of the top 20 money managers.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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