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QBE Insurance, one of the world’s leading insurance groups, announced today that it has received a license from the Dubai Financial Services Authority (DFSA) to open an office in the Dubai International Financial Centre (DIFC).
The company, which has a long track record of delivering insurance products and services in the Middle East, will expand across the Middle East and North Africa (MENA) region through its new DIFC-based company, QBE Insurance Europe Ltd (Dubai Branch). The office will be managed by Khalil Eid, who has been appointed General Manager and Senior Executive Officer.
A highly successful global insurance firm, ‘A+’ rated by Standard & Poor’s, QBE operates out of 45 countries across the globe, and last week announced gross written premium of £6,025 million and a profit before tax of £1,109 million, for the year ending December 2008. The firm’s offering in this region is structured around eight product-focused underwriting divisions: Casualty, Reinsurance, Property, Motor, Marine & Energy, Specialty, Aviation.
The company has already developed a number of bespoke products throughout the Middle East, but the new office marks a major expansion of QBE’s business interests in the area and is licensed to sell the complete range of QBE’s specialist products.
Abdulla Al Awar of the DIFC Authority, said: “We are very happy to welcome QBE Insurance to the growing community of financial services companies in DIFC. The Middle East is a region of tremendous opportunity for the global insurance industry. We at the Dubai International Financial Centre are supporting this by offering the world-class regulations, infrastructure and services necessary for insurance providers to establish successful businesses. Whether they are looking to tap the growth in the region or seeking a base for their global operations, DIFC provides a highly productive platform for their growth.”
Khalil Eid of QBE Insurance, Dubai, said, I am pleased to join a truly global insurance player such as QBE. The company’s decision to establish a branch in DIFC reflects its long term commitment to enhance its presence in the Middle East. We look forward to further growing QBE’s relationship with Middle Eastern businesses over the coming years."
