AM Best, a leading insurance and credit ratings firm, has obtained approvals to establish an office within the Dubai International Financial Centre (DIFC) in Dubai.

The new office will operate as AM Best Mena, South & Central Asia, servicing clients throughout the region and developing new relationships to grow its insurance ratings franchise. Rating analytics will continue to be performed by teams based in London and Hong Kong.

Vasilis Katsipis has been appointed general manager – market development, and will be responsible for the office in Dubai reporting to Nick Charteris-Black, managing director, market development AM Best – EMEA.

“We are delighted to have received the necessary approvals from the authorities at DIFC and look forward to joining the other international companies in what has become a major financial centre for the region,” said Dr Roger Sellek, chief executive officer of AM Best – EMEA and Asia Pacific.

“This announcement is an important step in AM Best’s commitment to being a truly global rating agency servicing the needs of the (re)insurance industry throughout the world including the growth economies in this important region.”

Abdulla Mohammed Al Awar, CEO of DIFC Authority, said, “Amidst the constant development in the world of financial services there has been a rapid growth in the insurance industry. To provide comfort to policy holders, companies in that industry need reputable rating agencies of A.M. Best’s calibre to assess their creditworthiness.”

“We are very proud to have the pioneers of the concept of financial ratings that specialise in insurance establish their regional presence in DIFC. We look forward to supporting their business here and working with them to further develop the financial services industry in the region,” he added. – TradeArabia News Service