Middle East News - UAE: Qatar Re, AXIS Capital subsidiary to set up in the DIFC
Source: Middle East Insurance Review | Jan 2016
Two Bermuda-based reinsurers have been granted licences to operate in the DIFC by the Dubai Financial Services Authority (DFSA).
AXIS Capital Holdings’ wholly owned subsidiary, AXIS Re SE, will establish a representative office in the DIFC. The office will focus on marketing accident and health specialty reinsurance in the Middle East and Africa.
AXIS Re SE is a composite reinsurance company headquartered in Ireland, which is authorised and regulated by the Central Bank of Ireland to carry on non-life and life reinsurance business.
From its office in the DIFC, which has been fully operational since mid-December, Qatar Re will offer facultative and treaty reinsurance in marine, aviation & transport, property, construction and engineering, energy, liabilities and personal accident to clients from the Middle East, Africa and Asia. The DIFC branch office will be headed by Senior Executive Officer Nabih Massaad and will have a staff strength of eight employees, mostly in underwriting roles.
“Our underwriting platform in the DIFC will give Qatar Re further momentum in expanding its footprint in the Middle East, Africa and parts of Asia,” said Mr Massaad. “Due to our origins in the Middle East, Qatar Re has an excellent grasp of the region’s risk management and reinsurance needs. We are keen to offer our clients the best personalised service. Our branch in the DIFC provides us with the access to these growing markets and to support our clients with our specialty and facultative products.”