Liberty Mutual said it is opening an office in the Dubai International Financial Centre to establish its international operations in the Middle East.
“Entering Dubai puts us in the region’s important and rapidly expanding insurance market,” said Edmund F. Kelly, the company’s chairman, president and chief executive officer.
“As the financial hub for the Gulf and Middle East, Dubai provides opportunities for growth consistent with our overall international expansion strategy,” explained Mr. Kelly.
The office is controlled by Liberty Mutual’s Liberty International Underwriters division, and was established to help meet the demand for construction, oil, gas and power insurance.
The Dubai office will be managed by Middle East regional manager Elie Bouchaaya. It will initially focus on energy sector coverage. Liberty Mutual said that other product lines will be made available as opportunities present themselves.
“To keep up with demand, brokers are looking for increased local capacity with companies that understand the region,” said Sean Rocks, chief executive of Liberty International Underwriters in Europe. “Our new office and Elie’s extensive experience in the Middle East insurance market over the last 20 years provide both.”