News
Munich Re receives DIFC license
| June 29, 2010 by Tracey Scott
Munich Re Underwriting Agents has received its license to operate in the Dubai International Financial Centre.
The DIFC office will serve as the Munich Re subsidiary’s regional reinsurance hub to serve the Middle East and Africa regions.
It will primarily focus on the health reinsurance sector and will operate under two broker arrangements for Munich Re in Munich and Munich Re of Malta.
Abdulla Al Awar, DIFC Authority chief executive officer, said: “Munich Re’s decision to establish their offices in the DIFC as a regional hub is timely given the region’s increasing demand for quality and affordable healthcare. The DIFC office will offer Munich Re a strategic base to tap emerging markets in the region by combining their vast experience with local market expertise.”
Dr Frank Mayer, Munich Re Underwriting Agents chief executive officer, said Munich Re will service governments and governmental institutions, insurance companies and self-funded schemes. He added: “Munich Re will service clients as a holistic one-stop shop to provide individual and tailor-made reinsurance and risk management solutions for the growing healthcare market in the Middle East and Africa.”
