Sovereign Risk Insurance has received approval in principle from the Dubai Financial Services Authority to establish a wholly owned subsidiary in Dubai.

Sovereign Risk Insurance Dubai will be based in the Dubai International Financial Center. Nila Davda, vice president and senior underwriting officer will head the new company and will relocate from Bermuda to Dubai.

Price Lowenstein, president and CEO of Sovereign, said: This is an important strategic initiative for us and we have chosen Dubai as the location for our first overseas office.

We see tremendous potential to expand our business in the region, and believe that Nila, with her background and experience, is the right person to spearhead this initiative. We look forward to working with both new and existing clients in the region.