iSwiss Financial Group has announced that the United Arab Emirates has granted the group’s new company, iSwiss Reinsurance, a licence to operate in the country’s reinsurance market, from where it will also offer its services globally.
The iSwiss Group explained that its decision to expand its insurance business is “undoubtedly” due to the forecast increase in demand in the reinsurance sector, alongside the solid results achieved by iSwiss Insurance, which is set to be among the new Dubai-based entity’s customers.
The firm added, “This is another important milestone achieved by the iSwiss Group and further recognition of the company’s value and solidity. In fact, a reinsurance licence is only granted if specific characteristics guarantee the security of the licensed company.”
Christopher Aleo, CEO of the iSwiss Group, commented, “Reinsurance companies are the solid foundation of the insurance system. Because it is precisely to these companies that insurance companies refer to to manage risk better and stabilise their financial flow.”
“Especially in the case of severe events, the role of reinsurance companies becomes vital to ensure the system’s stability.
“These companies secure insurance finances thanks to their services and contracts; as a result, the insurance market becomes robust and more accessible to all consumers.
“You hardly ever hear about reinsurance companies in the media. Still, these almost ‘invisible’ companies are a cornerstone of the system, which in their absence would risk collapsing, harming insurance companies and consumers.”
