AIG MEMSA insurance company limited launches in Qatar
Mr. Charles Bouloux, President AIG MEMSA said, “We are grateful to the Qatar Financial Center Regulatory Authority for their support in establishing the latest AIG office. Having a presence in Qatar further advances our goals in the region and provides us with direct access to one of the fastest growing economies in the GCC. This office brings AIG global, regional and local value through world class general insurance products and services to corporations and consumers throughout the country.”
Stuart Pearce, CEO and Director General of the Qatar Financial Center Authority stated, “AIG MEMSA has recognized the significant potential for growth not only in Qatar but also regionally by acquiring a license to operate from the Qatar Financial Center. We see insurance and reinsurance as core business areas which the QFC legal structure is uniquely well placed to support, and we therefore welcome AIG’s commitment to this market and to the QFC.”
AIG has established itself as a dominant player in the Middle East Insurance market since its operation began in this dynamic region over 50 years ago. They have presence in 13 countries in the Middle East, Mediterranean and South Asia region and continue to post significant growth year on year. AIG MEMSA headquarters is based out of the DIFC in Dubai.
With this move AIG MEMSA strengthens their long-standing presence in the Middle East with its new base in Qatar, headquartered at the Qatar Financial Center.
AIG MEMSA Insurance Company Ltd. is based in the Dubai International Financial Centre (DIFC) and is regulated by the Dubai Financial Services Authority. AIG MEMSA Holdings Inc, also established in the DIFC, is responsible for the AIG General Insurance operations in the Middle East, Mediterranean and South Asian region. Both AIG MEMSA Insurance Company Ltd. and AIG MEMSA Holdings Inc. are member companies of the American International Group Inc. (AIG). AIG, world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
About Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those licensed to operate by the Centre. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.