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ACE obtains license to set up subsidiary in DIFC

The ACE Group of insurance and reinsurance companies has received a license from the Dubai Financial Services Authority (DFSA) to establish a wholly owned subsidiary in the Dubai International Financial Center (DIFC).

ACE has been granted a DFSA category IV license enabling the company to offer reinsurance products to the market, including a full range of property, casualty and accident and health coverages.

According to the ACE, the new company will be called as ACE Insurance Management (DIFC) and will be managed by Mark Quinn, who is the senior executive officer.

ACE will share the DIFC office with Sovereign Risk Insurance, a wholly-owned subsidiary of ACE.

The insurance group also planning to strengthen its underwriting presence in Dubai with the appointment of a senior property underwriter.

Opened in 2004, the DIFC is a financial center and offers ACE access to a fully integrated reinsurance market. ACE has had a representative office in Dubai since 2008. ACE Dubai forms part of the ACE Middle East and North Africa (MENA) regional group.

ACE MENA regional managing director Steve Dixon said that ACE’s license is to operate in the DIFC is a significant milestone in ACE’s growth across the Middle East region.

"We now have in place a solid team of specialist underwriters located close to the market, providing reinsurance solutions that are reinforced by access to the resources of our global network," Dixon said.

ACE European Group CEO and chairman Andrew Kendrick said having a presence in the DIFC is very important for ACE’s development and demonstrates our commitment to the region.

"We see a great opportunity for our Dubai operation to build on the success we have had throughout the MENA region," Kendrick said.