NU Online News Service, Dec. 20, 3:56 p.m. EST
The ACE Group of insurance and reinsurance companies said it has been granted a license from the Dubai Financial Services Authority (DFSA) to establish a wholly owned subsidiary in the Dubai International Financial Centre (DIFC).
ACE said it was granted a DFSA Category IV license enabling it to offer reinsurance products to the market, including a full range of property and casualty and accident and health coverages.
The new company is called ACE Insurance Management (DIFC) Ltd. It will be managed by Mark Quinn, who is the senior executive officer. The company also plans to strengthen its underwriting presence in Dubai with the appointment of a senior property underwriter.
The DIFC, opened in 2004, is an international financial center and offers ACE access to a fully integrated reinsurance market.
Steve Dixon, regional managing director for ACE in the Middle East and North Africa (MENA), called the granting of the license "a significant milestone in ACE's growth across the Middle East region."
ACE noted that it has had a representative office in Dubai since 2008. ACE will share the DIFC office with Sovereign Risk Insurance, a wholly owned subsidiary of ACE.
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