By Staff writer
Lloyd's of London opens office in DIFC as it seeks to grow its business in the Middle East
The oldest insurance company in the world has launched operations in the Middle East after opening offices in the Dubai International Financial Centre (DIFC).
The new office of Lloyd's, which has been in insurance for 327 years, was opened by Essa Kazim, governor of DIFC and chairman of DIFC Authority and Lloyd's CEO Inga Beale.
Kazim said: "We consider having Lloyd's of London in the DIFC as an accomplishment in its own right. An institution of this magnitude and the wealth of knowledge, expertise and professionalism it perceives will be a valuable addition to our business community.
"Undoubtedly, this will make Dubai MENA's capital of insurance and reinsurance, underlining the DIFC's pivotal role in meeting the region's growing financial needs."
Lloyd's is the latest major global financial institution hosted by the DIFC as it seeks to make a global reputation as a financial hub.
Beale added: "We are delighted to open a platform in Dubai. It is an important step as it will allow Lloyd's to write business that is brokered in Dubai, providing increased access to Lloyd's specialist expertise and tailored risk solutions."
Nine Lloyd's businesses - Amlin, Argo Re, Liberty, Markel, Visionary, Talbot, Watkins, Catlin and Beazley - will be operating in the Dubai International Financial Centre, he said.
The specialist underwriters in Dubai will provide cover across a range of risks including marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency.
Setting up a branch in the DIFC supports Lloyd's Vision 2025 strategy, which was launched by the British Prime Minister David Cameron in 2012.
The long-term growth strategy states that Lloyd's should increase its footprint in both developing and developed markets, while at the same time diversifying its capital base.