Lloyd's, a centre for specialist insurance and reinsurance, has inaugurated its operations in the Dubai International Financial Centre (DIFC), a leading onshore financial platform.

The oldest insurance market in the world, Lloyd’s brings in 327 years of experience to the DIFC and a unique business model which will further enrich the already flourishing DIFC, consolidating the latter’s position as a key hub for business and finance, said a estaminet.

Essa Kazim, governor of DIFC and chairman of DIFC Authority board, said: “We consider having Lloyd’s of London in the DIFC as an accomplishment in its own right. An institution of this magnitude and the wealth of knowledge, expertise and professionalism it perceives will be a valuable addition to our business community.

“Undoubtedly, this will make Dubai Mena’s capital of insurance and reinsurance, underlining the DIFC’s pivotal role in meeting the region’s growing financial needs. Lloyd's is highly regarded for its international and specialist approach to underwriting a broad spectrum of risk classes, innovation, flexibility, trustworthiness and capacity.”

The Dubai International Financial Centre (DIFC) hosts major global financial institutions and law firms.

It boasts a global reputation as a major worldwide financial hub in the GCC region. It has a well-established and independent common law judicial system that complies with global best practices and internationally accepted laws and regulatory processes.

Inga Beale, chief executive, Lloyd’s, said: “We are delighted to open a platform in Dubai. It is an important step as it will allow Lloyd’s to write business that is brokered in Dubai, providing increased access to Lloyd’s specialist expertise and tailored risk solutions. I’d like to thank the Dubai International Financial Centre and the DFSA for their support and look forward to continuing this relationship in future.”

Nine of Lloyd’s businesses – Amlin, Argo Re, Liberty, Markel, Visionary, Talbot, Watkins, Catlin and Beazley – will be operating in the Dubai International Financial Centre.

The specialist underwriters in Dubai will provide cover across a diverse range of risks including: marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency. - TradeArabia News Service