Gen Re sets up unit in DIFC

Dubai International Financial Centre (DIFC) has announced that General Reinsurance AG (Gen Re) has established a Middle East office in the Centre to expand its presence in the region.

Gen Re is a fully owned subsidiary of General Reinsurance Corporation and part of the Berkshire Hathaway group of insurance companies, Gen Re was granted a Prudential – Insurance Business Model (PIN) license by the DFSA. They will provide life and health reinsurance services across the MENA region, focusing on the United Arab Emirates and other GCC countries.

The establishment of General Reinsurance AG Dubai Branch reinforces DIFC as the reinsurance hub of choice due to its globally recognised regulatory environment within the region.

Arif Amiri, CEO of DIFC Authority, said: “DIFC is committed to developing the reinsurance sector in the region by providing the best platform, legal and regulatory framework. We are delighted that Gen Re chose to operate from the DIFC, recognising the potential to grow their business from the Centre. With names such as Gen Re and Berkshire Hathaway Specialty Insurance operating from the Centre, we continue to be recognised both locally and globally as a centre of excellence for insurance and reinsurance.”

Adding to this, Ulrich Pasdika, member of the Board of Executive Directors of General Reinsurance AG, said: “With its leading expertise and broad range of services, Gen Re aims to make major contributions to the dynamic development of the life and health market in the MENA region. MENA is a key strategic region for us, and with the new office in DIFC, we will benefit from the proximity to clients in the United Arab Emirates and other GCC countries. DIFC is an excellent location for our continued success in the region. We are proud to be part of the highly respected Centre.”