Dubai International Financial Centre (DIFC), the leading financial hub in MEASA, has welcomed Berkshire Hathaway Specialty Insurance Company (BHSI) to its cluster of global insurance firms, as part of the company’s expansion in region.

BHSI has received its insurance licence from the Dubai Financial Services Authority.

Arif Amiri, chief executive officer of DIFC Authority, said: “We are pleased to welcome a global player like Berkshire Hathaway into our dynamic community at DIFC. The unmatched ecosystem we have created at the Centre, together with the strategic location of Dubai, continue to attract market leaders that are looking to access business opportunities across the MEASA region.

“This is a trend we are particularly seeing in the insurance sector, which is gaining increased momentum at DIFC. As the MEASA’s leading financial hub, we remain focused on constantly developing our infrastructure and legal and regulatory framework to accommodate to this demand.”

“We are excited to expand BHSI’s footprint in this region which will service those markets in the Middle East and beyond who seek (re)insurance support in the DIFC.  The strategic location of Dubai as well as the stability and efficiency of the DIFC make it an ideal hub for BHSI to support economic growth in the region. Our operation in the DIFC will bring BHSI’s financial strength and underwriting and claims excellence to the region.” said Marc Breuil, President of Asia Middle East, BHSI.

“We are excited to be able to serve customers and brokers in the region under the experienced leadership of Alessandro and Neeraj.”

DIFC has developed into a leading insurance and reinsurance hub, home more than 200 underwriters, 98 insurance-related entities and more than 1,000 insurance specialists. The GCC’s insurance sector is expected to reach $62.1 billion by 2020 and set to grow at a compound annual growth rate of 18.7 per cent between 2014 and 2020, emphasising the region’s significance as a growth market for the industry. – TradeArabia News Service