Dubai, December 17, 2006
American Life Insurance Company (ALICO) - AIG Life, a member company of American International Group Inc. (AIG), celebrated the inauguration of its Regional Middle East, Africa & South Asia headquarters at the Dubai International Financial Centre (DIFC) on December 16th 2006. American Life Insurance Company, incorporated in Delaware U.S.A, also celebrated its 85th anniversary in 2006 serving and providing financial protection and a wide range of life, accident and health insurance products globally. ALICO's global reach, its strategic focus on emerging markets and its financial strength continue today as the Company serves its customers in the 21st century.
With this spirit, Mr.Patrick Choffel, ALICO AIG Life Regional President, welcomed his guests during the inauguration and reassured his delight to be part of the DIFC by saying "It gives me pleasure to be inaugurating our Regional Headquarters at the DIFC, Dubai's renowned international financial centre. We will continue our thrust for excellence and shall maintain our commitment and promises to our customers, shareholders, employees and sales force through a culture of multi-products and multi-market needs solutions in life, accident and health protection."
Also, present at the inauguration were distinguished guests from the UAE business community as well as ALICO and AIG Home Office guests, headed by Mr. Rodney Martin, Chairman and Chief Executive Officer of ALICO Worldwide and Chief Operating Officer of AIG Life Division, AIG Worldwide Life Insurance, in addition to various senior executives. During his welcome speech, Mr. Martin also congratulated ALICO AIG Life on their continuous growth and strong presence in the region and thanked DIFC's management and all the distinguished guests.
Nasser Al Shaali, Chief Executive Officer of the DIFC Authority said "The global insurance and reinsurance industry is currently in the midst of a period of significant growth and expansion, and that is especially true here in the Gulf. As the region's international financial centre, the DIFC is committed to providing a full suite of services through its many member firms, including insurance and reinsurance providers. We are very pleasedto welcome ALICO - AIG Life into the growing DIFC family."
-Ends-
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 305 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org) .
Media enquiries:
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
E-mail: amira.abdulla@difc.ae
© Press Release 2006
