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Thu 1 Mar 2007 12:00 AM

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Allianz opens for business in DIFC

Allianz Re, the reinsurance arm of the Allianz Group, has been granted a licence by the Dubai Financial Services Authority to operate as an authorised firm within the DIFC.

Allianz Re, the reinsurance arm of the Allianz Group, has been granted a licence by the Dubai Financial Services Authority to operate as an authorised firm within the DIFC.

Clement Booth, member of the board of management, Allianz SE, said: "We are very excited to have joined the DIFC.

"The opportunities for reinsurance in the region are enormous, and our association with the DIFC will provide us with a logistical, regulatory and strategic framework and a level of expertise that will help us make the most of these extremely significant opportunities."

The Allianz Group currently serves more than 60 million customers in 70 countries around the globe.

HE Omar bin Sulaiman, governor of the DIFC, said: "In the midst of this period of sustained growth, it is especially important that financial services firms are able to adequately manage risk - which is precisely why the insurance and reinsurance sector is vital to securing the future of the industry."

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