The FINANCIAL — Swiss Re Corporate Solutions announced that it has received a licence from the Dubai Financial Services Authority to operate in the Dubai International Financial Centre.
The Dubai branch will initially focus on offering specialty risk solutions to corporate clients in the Energy, Power, Engineering, Construction and General Aviation industries in the Middle East.
Nikolaj Beck, Head of Specialties for Swiss Re Corporate Solutions, said: "We have long standing relationships throughout the Middle East and our Dubai branch will further strengthen our commitment. Our ambition is to significantly grow our book of business in the region and DIFC offers us the right platform to achieve this goal."
According to the Swiss Re Group, the branch will also offer clients access to the entire range of Swiss Re Corporate Solutions’ products, making long-term capacity available in the region.
Abdulla Mohammed Al Awar, CEO of the DIFC Authority, commented: "Swiss Re Corporate Solutions’ decision to operate from DIFC alongside other international companies, including four of the world's top five insurance companies, is a further testament to the Centre's position as the leading global centre in the region. Our world-class infrastructure and common-law jurisdiction provide a stable platform for insurance companies to access the region’s emerging markets and grow their business there."
Scheduled to start operations immediately, the Swiss Re Corporate Solutions’ Dubai office will be headed by Raik Wittowski, a seasoned Swiss Re executive with more than 15 years of international experience in various positions involving underwriting of engineering and industrial risks across the Middle East, Asia and other regions.
"The Dubai office represents Swiss Re Corporate Solutions’ first local presence in the Middle East and North Africa region. Backed by the Swiss Re Group’s AA- rated insurance capacity, we will be equipped to locally underwrite specialty lines of business," said Raik Wittowski. "DIFC not only provides a stable and efficient platform to reach out to the markets in the region, but is also expected to increase in importance as the main hub for Energy, Power and Engineering risks for the Middle East."