Heritage opens Dubai-based business
by David Masters
Story link: Heritage opens Dubai-based business
Heritage’s growth plans in the Middle East were secured this week as it received an official license to set up an insurance management company in the Dubai International Financial Centre (DIFC).
The Dubai Financial Services Authority (DFSA) approved Heritage’s plans to establish a UAE-based subsidiary, Heritage Insurance Management (Dubai) Ltd. (HIMD), in the DIFC.
HIMD will offer an extensive range of risk management and insurance products to the public and private sector in the United Arab Emirates, and across the Middle East.
“The opening of the Dubai office is another major step in our growth plans for the Middle East,” said Stephen May, chief executive of Heritage London and Middle East.
“Today’s announcement clearly demonstrates our commitment to establishing Heritage as the pre-eminent risk and insurance management specialist in the region.”
Abdulla Al Awar, DIFC Authority managing director, added: “We are very happy to welcome Heritage to the growing community of financial service companies in DIFC.
“The establishment of the Heritage office is testament to the growing interest of global companies in offering captive management services in the region.”
The expansion makes Heritage the first insurance manager to be based in more than one Middle Eastern country, and the first independent captive manager to set up in Dubai.
Heritage’s other Middle East-based firm, Heritage Insurance Management (Bahrain) W.L.L. (HIMB), was established in November 2008.