Zurich Insurance Company (ZIC) in the Middle East has been named “Newcomer of the Year” by the Mena Insurance Awards, one of the industry’s top honours in the region.

The award recognizes insurers who have made a notable contribution to the industry in the previous 12 months. ZIC was also shortlisted for “Corporate Financial Lines Insurer of the Year” and “Insurer of the Year”.

“To be chosen as ‘Newcomer of the Year’ following what has been a challenging economic climate, is testament to our commitment to the region,” said Saad Mered, CEO of ZIC Middle East & Africa.

“We have worked hard over the past 18 months to ensure that we can draw upon Zurich’s technical expertise and significant capacity to deliver tailored underwriting solutions and responsive local service to our customers. We have built a dedicated team of professionals to ensure that we are well equipped to strengthen and further develop our regional capabilities,” he added.

ZIC was granted a license to operate in the Dubai International Financial Centre (DIFC) in June 2009.  It then launched its global corporate division in October of that year and subsequently expanded its regional footprint last January by securing its license to provide general insurance in Bahrain.

In December 2010, ZIC acquired 99.99 per cent of Lebanese insurer Compagnie Libanaise d’Assurance, headquartered in Beirut with branch operations in the UAE, Kuwait, Oman and Lebanon.

Since June 2009, the ZIC team grew from one to 38 highly qualified professionals based in the region with the global corporate team in the region acquiring over 250 customers and writing more than 350 policies in 24 countries in the Middle East, North Africa and Central Asia.

The Mena Insurance Awards are judged using qualitative and quantitative techniques, drawing on an external panel of industry experts, the Mena Insurance Review editorial team and Pageant Media editorial director. – TradeArabia News Service