Bermuda-based Lancashire Holdings Limited said it plans to establish an office in Dubai, establishing a brokerage center there.
The insurer said it intends to incorporate a subsidiary in the Dubai International Financial Centre (DIFC), an economic development zone created by the government for foreign businesses, and submit an application to the Dubai Financial Services Authority (DFSA) to seek status for the new subsidiary as an authorized insurance intermediation firm.
Lancashire said the new company would allow it to market its United Kingdom and Bermuda insurance subsidiaries more effectively and efficiently in the region.
Greg Lunn, general counsel for Lancashire, explained to National Underwriter that in order for the company to do business there, it needs to have an approved brokering license to open a marketing office.
Richard Brindle, Lancashire chief executive officer, said in statement: “This application demonstrates our commitment to building the Lancashire brand. In the short term, we do not anticipate any change to our existing forecasts.
“In the longer term, having a presence in the Middle East will allow the Lancashire Group to grow a solid book of business that will complement our existing underwriting. Using the DIFC as our marketing centre to source the business, we intend to write non-catastrophe exposed engineering risks in the region and other lines such as energy. We have chosen the DIFC because it is the regional domicile of choice.”
Mr. Lunn said that Dubai's regulatory approvals normally take three months.
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