The DIFC insurance community expands as Gen Re establishes a Middle East business in the center – Dubai Blog

Dubai International Financial Center (DIFC) is a leading global financial center in the Middle East, Africa and South Asia (MEASA), and is also home to many world-class financial institutions and consultants. Announcing the establishment of General Reinsurance AG (Gen Re) with Middle East offices in the center This makes it the second insurance company owned by Berkshire Hathaway to expand its business in the region.

Gen Re is one of the world’s leading reinsurance companies. As a wholly-owned subsidiary of General Reinsurance Corporation and part of the Berkshire Hathaway Group of Insurance Companies, Gen Re has received a major rating agency’s outstanding financial strength rating and obtained the Prudential – Insurance Business Model (PIN) license from the DFSA. PIN is the category with the highest financial strength in the insurance industry. They will provide life and health reinsurance services in the Middle East and North Africa, with a focus on the United Arab Emirates and other Gulf Cooperation Council countries.

Due to the globally recognized regulatory environment in the region, the establishment of the Dubai branch of General Reinsurance AG consolidated DIFC’s position as the preferred reinsurance center.

DIFC now owns nearly 100 insurance companies, and the value of underwriting gross premiums continues to grow. In 2020, this figure will reach 1.7 billion U.S. dollars, and gross underwriting premiums will increase by 15% in the first half of 2021.

Arif Amiri, Chief Executive Officer of the DIFC Authority, said: “DIFC is committed to developing the reinsurance industry in the region by providing the best platform, legal and regulatory framework. We are very pleased that Gen Re has chosen to operate in DIFC and recognizes the importance of developing business from this center. Potential. With names such as Gen Re and Berkshire Hathaway Specialty Insurance operating at the center, we continue to be recognized locally and globally as a center of excellence for insurance and reinsurance.”

In addition, Ulrich Pasdika, a member of the Executive Board of General Reinsurance AG, said: “With its leading expertise and extensive services, Gen Re aims to make a significant contribution to the dynamic development of China’s life and health market. The Middle East and North Africa region. MENA to us It is an important strategic area. Through our new office in DIFC, we will benefit from our proximity to customers in the United Arab Emirates and other Gulf Cooperation Council countries. DIFC is an excellent location for our continued success in the region We are proud to be a member of the highly respected center.”

Due to the office in Index Tower, 2021 is a very special year for Gen Re. It not only marks the 100th anniversary of General Re’s establishment in North America, but also marks the 175th anniversary of the establishment of the long-established Cologne Re (now General Reinsurance AG) in Europe. They are one of the most important professional reinsurance companies, with a global network of risk experts covering all major insurance markets.