Dubai - American Life Insurance Company (ALICO), a subsidiary of American International Group (AIG) announced today that it has received a license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm from the Dubai International Financial Centre (DIFC).
ALICO will be moving its regional headquarters to the Gate Building at the DIFC to service its operations in the Middle East, Africa and South Asia (MEASA) region.
American Life Insurance Company (ALICO) has been present in the Middle East, Africa and South Asia region since 1952 and maintains a leading presence in 14 territories across the region providing a wide range of Life, Accident and Health insurance products through diversified distribution channels, starting from Bangladesh (since 1952), Lebanon (since 1953), Saudi Arabia (since 1954), Kuwait (since 1954), Jordan (since 1958), Bahrain (since 1960), United Arab Emirates (since 1962), Qatar (since 1962), Oman (since 1971), Turkey (since 1988), Pakistan (since 1995), Palestine (since 1996), Egypt (since 1997) and Nepal (since 2001).
Welcoming ALICO, Dr. Omar Bin Sulaiman, Director General of the DIFC Authority said, "This is a significant addition to our portfolio of major international insurance companies located at the DIFC. With ALICO's well-positioned presence and fast growing record, we all stand ready for even greater growth potential in the future.
"One of the objectives of the DIFC is to contribute to the development of the insurance and reinsurance industry in the region. By providing an ideal environment with world-class infrastructure and regional opportunities, the DIFC is laying the foundations for the future of the regional insurance industry."
Mr. Patrick Choffel, ALICO MEASA's Regional President said, "It gives me pleasure to relocate our Regional Headquarters to the DIFC and continue our thrust for excellence and growth, from such a renowned international financial centre. We 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."
American Life Insurance Company (ALICO), incorporated in Delaware U.S.A., is among the largest international life insurance companies in the world, with operations in more than 55 countries. ALICO's branches and subsidiaries market a broad range of life, accident and health insurance products, such as traditional life, supplemental medical and personal accident products, group life, annuities and pension and medical business, through a network of agents and brokers.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
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About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just over one year, more than a hundred top international institutions have joined the DIFC as members. 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. (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 modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )
4. 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 laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.
The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court and provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC; and
The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court. ( www.difccourts.ae )
For further information contact:
Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433
E-mail: Amira.abdulla@difc.ae
Tim Harrison
Asda'a Financial Practice
Tel: + 9714 3355969
Mob: 050-5097631
Email: tim.harrison@asdaa.com
Lavina Chatterjee
Asda'a Financial Practice
Tel: + 9714 3355969
Mob: 050-4506911
E-mail: l.chatterjee@asdaa.com
© Press Release 2006
