The American multinational property/casualty and life/health reinsurance company, General Reinsurance (Gen Re) has established a Middle East office in the Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region.
The establishment of Gen Re in DIFC makes it the second insurer owned by Berkshire Hathaway to expand its presence in the region. The Dubai branch reinforces DIFC as the reinsurance hub of choice due to its globally recognized regulatory environment within the region.
A fully owned subsidiary of General Reinsurance Corporation and part of the Berkshire Hathaway group of insurance companies, Gen Re is one of the leading reinsurers in the world. The company has earned superior financial strength ratings from major rating agencies and was granted a Prudential-Insurance Business Model (PIN) license by the Dubai Financial Services Authority (DFSA).
A PIN is the highest financial strength category for the insurance sector. They will provide life and health reinsurance services across the Middle East and North Africa (MENA) region, focusing on the UAE and other GCC countries.
Arif Amiri CEO – DIFC Authority
“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, recognizing 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 recognized both locally and globally as a center of excellence for insurance and reinsurance.”
DIFC is now home to about 100 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 percent.
Commenting on the expansion, Mr. Ulrich Pasdika, Member of the Board of Executive Directors of Gen Re, said, “With its leading expertise and a 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.”
