Munich Re Receives License to Operate from DIFC
Munich Re Underwriting Agents (DIFC) Ltd., part of Munich Re of Malta Holding Ltd., and a reinsurance subsidiary of Munich Re, one of the leading reinsurance companies worldwide has received a license from the Dubai Financial Services Authority (DFSA) to operate in the DIFC.
The DIFC office will serve as the company's regional reinsurance hub to serve the Middle East and Africa regions, primarily focusing on the health reinsurance business for the fast growing emerging markets. It will operate under two broker arrangements for Munich Re in Munich and Munich Re of Malta.
Welcoming the new entrant to the Centre, Abdulla Al Awar, CEO of DIFC Authority said, "Munich Re's decision to establish their offices in the DIFC as a regional hub is timely given the region's increasing demand for quality and affordable healthcare. The DIFC office will offer Munich Re a strategic base to tap emerging markets in the region by combining their vast experience with local market expertise."
Marwan Lutfi, Deputy CEO and Head of Business Development, DIFC Authority commented, "The addition of Munich Re to the DIFC insurance and reinsurance cluster is an important development, given that the regional health reinsurance sector is rather under developed, offering Munich Re a vantage point to service Middle East and Africa. For regional firms looking to finance and manage corporate risk, the DIFC's legislative framework, coupled with its favourable tax environment, offers a convenient and robust platform.
Speaking about the newly formed DIFC office, Dr. Frank Mayer, CEO, Munich Re Underwriting Agents (DIFC) Ltd said, "Munich Re will service governments and governmental institutions, insurance companies, self-funded schemes and other clients as a holistic one-stop shop to provide individual and tailor-made reinsurance and risk management solutions for the growing healthcare market in the Middle East and Africa."
Munich Health, one of three business segments within Munich Re, alongside primary insurance and reinsurance was established in 2009. Its purpose is to pool the global health expertise in reinsurance, primary insurance and risk-management to enable the company to specifically address identified opportunities with integrated, intelligent solutions to local market needs. More than 5,000 experts at 26 locations worldwide benefit from the resulting synergy potentials as they devise innovative healthcare solutions for clients and partners all over the world.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2009, the Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of €2.56bn on premium income of around €41bn. It operates in all lines of insurance, with around 47,000 employees throughout the world. With premium income of around €25bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of over €17bn, ERGO is one of the largest insurance groups in Germany and Europe. 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re's global investments amounting to €182bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.