UK-headquartered JLT Risk Solutions Limited, part of the Jardine Lloyd Thompson group of companies and a main subsidiary of Jardine Lloyd Thompson Group plc (LSE:JLT.L) has been registered as an Ancillary Service Provider (ASP) allowing it to operate from within the Dubai International Financial Centre (DIFC). JLT is the first company to be registered as an ASP by the DIFC Financial Services Authority (DFSA).
Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre, welcomed JLT to the DIFC,
"Jardine Lloyd Thompson has demonstrated its ambition and commitment to this region already and has rightly identified the DIFC as representing a significant opportunity. I am delighted to welcome JLT to the DIFC."
He continues,
"There is a substantial opportunity for the insurance industry in the Middle East. At present the region accounts for only $10 billion in annual premiums out of the $2.3 trillion global market. Yet more and more leading businesses are based here and we can expect aviation and commercial insurance to achieve double- digit growth over the next ten years.
The DIFC will offer a hub for insurance and re-insurance companies, brokers, captives and other service providers, enabling them to establish their regional operations in a single base in the Centre."
JLT is involved in many substantial projects in the region, notably oil and gas projects in Qatar. In November 2003, JLT successfully outbid other major global insurance businesses to cover Dolphin Energy's $4 billion Dolphin Project. Globally, JLT employs over 5,000 staff and operates out of more than 100 offices in over 30 countries.
Jardine Lloyd Thompson was recently voted European Commercial Broker of the Year at the prestigious European Risk Management Awards in London.
Steve McGill, CEO, Jardine Lloyd Thompson Group plc said:
"The Dubai International Financial Centre has the potential to transform the region's insurance and reinsurance markets and JLT is pleased to be part of this new and exciting initiative.
"JLT is present in every major market in the world and in order for us to continue to identify and develop solutions for our growing client-base, it is important that we continue to develop our position in the Middle East. The DIFC offers us a professional and modern business environment conducive to our ambitious expansion plans."
-Ends-
Notes to Editors:
DIFC
The Dubai International Financial Centre (DIFC) has been established as part of the goal to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East.
The DIFC Authority is the core body established by the Dubai Decree that issues all the laws and regulations for all the non-financial entities who will operate in the DIFC, and houses the Companies and Security Registries. The DIFCA is also the marketing arm of the DIFC and has the mandate to attract financial and non-financial entities to set up in the DIFC.
The DIFC Financial Services Authority (DFSA) is a critical part of the DIFC. The DFSA is an independent unitary regulatory authority, responsible for the regulation of asset management, banking, securities trading, Islamic finance, re-insurance and a regional financial exchange. The DFSA is being created using principle-based primary legislation modelled closely on that used in London and New York, and its regulatory regime will operate to standards that meet or exceed those in the world's major financial centres. The Authority expects to license blue-chip institutions operating in a variety of industry sectors with a primary focus on the wholesale markets.
Jardine Lloyd Thompson
The Jardine Lloyd Thompson group of companies is a leading risk management adviser and insurance and reinsurance broker. JLT is also a major provider of employee benefits administration servies and related consultancy advice.
JLT is quoted on the London Stock Exchange and is the largest European-headquartered company providing these services and is one of the largest firms of its type in the world.
Risk & InsuranceThe Risk & Insurance group provides insurance and reinsurance broking and risk management services for clients across and extensive range of business sectors. It employs over 3,600 people and encompasses the Group's London Market insurance and reinsurance business and is responsible for JLT's international opeartions including North and South America, Asia, Australasia and Europe.Employee Benefits
The Employee Benefits group employs over 1,300 professionals throughout the UK, Ireland and the USA, providing a range of solutions to help clients maximise business efficiency. Key services include: pensions and benefits administration; actuarial, investment and financial consulting; flexible benefits, healthcare, reward consulting and executive compensation; group marketing and risk broking; premium management and claims processing.
For further information contact:
DIFC
Gilbert Halaby
Senior Manager,
Corporate Communications
Tel: +971 319 1994
Mob: +971 50 657 8922
gilberth@difc.ae
DIFC
John Hobday
Incepta Middle East
Tel: +971 50 464 8706
john.hobday@inceptame.com
© Press Release 2004
