UK-based insurance provider Lloyds of London has opened up an office in the Dubai International Financial Centre (DIFC), a move designed to support the expansion of the companys Middle East and North African (Mena) business.
A total of nine of Lloyds insurance and reinsurance businesses will be operating from the DIFC. These are:
- Argo Re
The new office supports part of Lloyds Vision 2025 strategy launched in 2012, which includes plans to increase its presence in emerging markets.
The new office will also strengthen Dubais position at a hub of insurance and reinsurance in the region, according to Essa Kazim, governor of the DIFC in an official statement at the launch.