Lockton opens regional hub in Dubai
by Gill Montia
Story link: Lockton opens regional hub in Dubai
Lockton has secured a licence from the Dubai Financial Services Authority to operate as an insurance broker in the emirate.
The firm, which claims to be the world’s largest privately owned independent insurance broker, will establish an office at the Dubai International Financial Centre.
The move will enhance Lockton’s presence in Middle Eastern and North African markets, with further expansion planned for the future.
Dubai has been chosen as the regional hub for a treaty and facultative reinsurance operation, overseeing the requirements of regional insurance companies.
While the new office will be capable of conducting all classes of business, it will also draw on support from the firm’s wholesale operations in London and other locations worldwide.
Wael Khatib has been appointed president of Lockton Dubai, heading an initial team of eight, which should be up and running by 1st May.
Lockton chief executive, Julian James, comments that the expansion: “reflects our long-term commitment to enhance our presence in the region and desire to be closer to our clients”.