Leading international ratings agency, AM Best Company, has opened a new office at the Dubai International Finance Centre (DIFC).

The new office, located in Tower two, Currency House, DIFC, will operate as AM Best Mena, South & Central Asia, servicing clients throughout the region and developing new relationships to continue to grow its insurance ratings franchise.

Rating analytics will continue to be performed by teams based in London and Hong Kong, a statement from the company said.

Its credit ratings are recognised by users as the benchmark for assessing the financial strength of insurance-related organisations and the credit quality of their obligations.

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 AM Best’s calibre to assess their creditworthiness.”

VasilisKatsipis, general manager of market development, will be responsible for the office in Dubai and report to Nick Charteris-Black, managing director, market development AM Best – EMEA.

“We 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.

“The opening of AM Best MENA, South & Central Asia is an important step in its 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,” he concluded. – TradeArabia News Service