Bahrain domiciled treaty and facultative reinsurance provider, Arig, has received a licence from the Dubai Financial Services Authority (DFSA) to launch its wholly owned reinsurance subsidiary, Arig Insurance Management Limtied (AIM) in the Dubai International Financial Centre (DIFC).
The reinsurer has announced that AIM will mainly focus on facultative specialty lines of business with underwriting authority from Arig, and has appointed Jehan Dias as Senior Executive Officer, to lead the new unit.
Dias has more than 14 years of experience in the reinsurance industry, and before joining Arig he was Head of Facultative at Gulf Re.
Yassir Albaharna, Chief Executive Officer (CEO) of Arig, said; “The recent upgrade in our rating along with the physical presence in the DIFC will reinforce Arig’s position on the facultative side which is main target for expansion.”
Bermudian reinsurer Arch recently announced the formation of Arch Underwriters (Gulf) Limited (AUGL), which is to be housed in the DIFC, as Dubai continues to position itself as a global hub for insurance and reinsurance business.