Royal Shield, a reinsurance broking firm in Dubai, has received a license from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Center (DIFC).
Royal Shield has access to the Lloyds and the regional reinsurance markets particularly in the Middle East and Africa.
Royal Shield SEO Ravi Naidu said there are tremendous opportunities for a DIFC-based broker to enter the Middle Eastern and African insurance markets backed up three dimensional reinsurance support.
"I have spent the last 20 years listening to insurers in these regions telling me that they are not being properly served by insurance intermediaries and I am delighted that Royal Shield is now firmly established in the DIFC and able to assist these insurers," Naidu said.
DIFC Authority deputy CEO and head of business development Marwan Ahmad Lutfi said the economies of the region are rapidly developing, becoming increasingly sophisticated and interconnected with the rest of the world.
"I am delighted that Royal Shield has identified DIFC as the ideal platform from which to operate their business and we look forward to supporting their business to develop and grow within the region," Lutfi said.