BPL Global, a leading specialist credit and political risk insurance (CPRI) broker, has been granted a brokerage license by the Dubai Financial Services Authority to conduct insurance intermediation business in Dubai from the DIFC.

To date, the broker’s activities in the DIFC have been limited to general marketing and business development since opening a representative office, run by Harriet Smith, in July 2015, said a statement from BPL Global, which has offices in London, Paris, Singapore and Hong Kong.

Harriet will continue to head up the broker’s operations in the DIFC as senior executive officer of the branch office.

Sian Aspinall, the managing director of BPL Global, said: "It goes without saying that Dubai is an important market for our multinational client base and, while we have had a local point-of-contact for them since 2015, this constitutes a significant step forward in terms of what we can do in the DIFC."

"So far our activities have focused on education. Now it’s time for action, focused on clients old and new," he noted.

On the licence win, Smith said: "Having spent a couple of years speaking to potential clients of the market and developing relationships, it’s clear that there is a growing demand for CPRI in the DIFC – from the commodity traders, from the banks, and from the corporates."

"Interestingly, they are not all current users of the CPRI product which speaks to the opportunity. Being able to service these clients’ needs locally – working with both local insurers and those in the London Market – means not only a more personalised offering, but ultimately faster and better-priced coverage," he added.-TradeArabia News Service