US-based ACE International Life has formally opened an office in the United Arab Emirates, after obtaining a life insurance license to operate in the region from the Ministry of Economy in March.
A launch ceremony was held on June 13, 2007, and was attended by Sherry Hersey, regional executive for Europe and the Middle East, and Sami Sharif, CEO of ACE Life Middle East and Africa Region. Officials from the Ministry of Economy and the US Consulate, as well as representatives from the insurance industry, were also present at the ceremony.
The new business will offer a full range of life insurance products in the United Arab Emirates (UAE), including protection and investment products, which will be marketed through multiple distribution channels.
We would like to thank the Ministry of Economy and their representatives, said Barry Jacobson, president of ACE International Life. It is indeed an honor to be granted an insurance license in the UAE and to receive the privilege of beginning operations there. We also want to thank the representatives of the US Consulate, and the ACE Life Middle East and Africa regional team, led by Sami Sharif. It is our management team’s understanding of the culture and their depth of international life insurance experience that differentiates ACE Life around the world.