With the opening of a new office in the Dubai International Financial Centre, General Reinsurance AG (Gen Re) has increased its presence in the Middle East (DIFC).
With the launch, Gen Re becomes Berkshire Hathaway’s second insurer to grow its footprint in the region.
The Dubai Financial Services Authority (DFSA) has granted Gen Re a Prudential – Insurance Business Model (PIN) license, which is the highest financial strength category for the insurance industry.
The company will offer life and health reinsurance services throughout the Middle East and North Africa (MENA), with an emphasis on the UAE and other GCC nations.
“DIFC is committed to strengthening the reinsurance sector in the area by providing the greatest platform, legal and regulatory environment,” stated Arif Amiri, Chief Executive Officer (CEO) of DIFC Authority.
“We are thrilled that Gen Re picked the DIFC as their base of operations, seeing the opportunity to build their business here.”
“With brands like Gen Re and Berkshire Hathaway Specialty Insurance operating from the center, we continue to be recognized as a center of excellence for insurance and reinsurance both locally and globally.”
“MENA is a key strategic region for us,” Ulrich Pasdika, a member of Gen Re’s Board of Executive Directors, said. “With the new office in DIFC, we will benefit from the proximity to clients in the UAE and other GCC countries.”
“DIFC is an ideal location for us to maintain our regional success.” We are proud to be a part of the highly respected Centre.”