Munich Re Underwriting Agents, part of Munich Re of Malta Holding, and a reinsurance subsidiary of Munich Re, has received a license from the Dubai Financial Services Authority to operate in Dubai International Financial Centre (DIFC).
The business in DIFC will operate under two broker arrangements for Munich Re in Munich and Munich Re of Malta. The DIFC office will serve as the company’s regional reinsurance hub to serve the Middle East and Africa regions, primarily focusing on the health reinsurance business for the growing emerging markets.
Abdulla Al Awar, CEO of DIFC Authority, said: The DIFC office will offer Munich Re a strategic base to tap emerging markets in the region by combining their vast experience with local market expertise.
Frank Mayer, CEO of Munich Re Underwriting Agents (DIFC), said: Munich Re will service governments and governmental institutions, insurance companies, self-funded schemes and other clients as a holistic one-stop shop to provide individual and tailor-made reinsurance and risk management solutions for the growing healthcare market in the Middle East and Africa.