UAE Business: General Reinsurance sets up Mideast office in DIFC – Gulf Digital News

UAE Business: General Reinsurance sets up Mideast office in DIFC – Gulf Digital News

Dubai International Financial Centre (DIFC), a leading global financial centre in the region, said that General Reinsurance AG (Gen Re) has established a Middle East office in the Centre, making it the second insurer owned by Berkshire Hathaway to expand its presence in the region.



As a fully owned subsidiary of General Reinsurance Corporation and part of the Berkshire Hathaway group of insurance companies, Gen Re earned superior financial strength ratings from major rating agencies and it was granted a Prudential – Insurance Business Model (PIN) license by the DFSA. A PIN is the highest financial strength category for the insurance sector. 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 AGDubai Branch reinforces DIFC as the reinsurance hub of choice due to its globally recognised regulatory environment within the region.



DIFC is now home to nearly100 firms in the insurance sector and continues to see growth in the value of gross premiums underwritten. In 2020, this reached $1.7 billion, registering positive gross written premium growth for the first half of 2021 at 15 per cent.



Arif Amiri, CEO of DIFC Authority, said: “DIFC is committed