Bermuda- based Sovereign Risk Insurance Ltd., which is owned by ACE Bermuda Insurance Ltd., a wholly-owned subsidiary of ACE Limited, announced that it has received approval in principle from the Dubai Financial Services Authority (DFSA) to establish a wholly-owned subsidiary in Dubai.
The new unit – Sovereign Risk Insurance (Dubai) Ltd. – will be based in the Dubai International Financial Center (DIFC). Nila Davda, Vice President and Senior Underwriting Officer, will head Sovereign Risk Insurance (Dubai) Ltd. and will relocate from Bermuda to Dubai.
Sovereign’s CEO Price Lowenstein noted: “This is an important strategic initiative for us and we have chosen Dubai as the location for our first overseas office. We see tremendous potential to expand our business in the region, and believe that Nila, with her background and experience, is the right person to spearhead this initiative. We look forward to working with both new and existing clients in the region.”
John Keogh, CEO of ACE Overseas General added his good wishes for the venture, indicating that it “fits in very well with our strategic initiatives in this region and adds another key product to our capabilities, helping us meet the needs of our clients, both regionally and globally.”
Source: Sovereign Risk Insurance – www.sovereignbermuda.com.
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