General Reinsurance AG (Gen Re) has bolstered its presence in the Middle East with the launch of a new office at the Dubai International Financial Centre (DIFC).
The launch makes Gen Re the second insurer owned by Berkshire Hathaway to expand its presence in the region.
Gen Re has been granted a Prudential – Insurance Business Model (PIN) license by the Dubai Financial Services Authority (DFSA), which is the highest financial strength category for the insurance sector.
The company will provide life and health reinsurance services across the MENA region, with a focus on the UAE and other GCC countries.
Arif Amiri, Chief Executive Officer (CEO) of DIFC Authority, said: “DIFC is committed to developing the reinsurance sector in the region by providing the best platform, legal and regulatory framework.
“We are delighted that Gen Re chose to operate from the DIFC, recognising the potential to grow their business from the centre.
“With names such as Gen Re and Berkshire Hathaway Specialty Insurance operating from the centre, we continue to be recognised both locally and globally as a centre of excellence for insurance and reinsurance.”
Ulrich Pasdika, Member of the Board of Executive Directors of Gen Re, commented: “MENA is a key strategic region for us, and with the new office in DIFC, we will benefit from the proximity to clients in the UAE and other GCC countries.
“DIFC is an excellent location for our continued success in the region. We are proud to be part of the highly respected Centre.”