Dubai: A second insurance company owned by Warren Buffet’s Berkshire Hathaway has set up at DIFC, using Dubai as the Launchpad for a presence in the wider Gulf.
General Reinsurance AG (Gen Re) is one of the world’s biggest reinsurers and has been granted a ‘Prudential – Insurance Business Model’ by DFSA (Dubai Financial Services Authority). (A PIN is the highest financial strength category in the insurance space.)
Earlier, the Berkshire Hathaway Speciality Insurance Company had set up at DIFC. In the recent past, Buffet – one of the world’s richest and venerated for his investment astuteness – had also established a real estate brokerage arm in Dubai.
Ulrich Pasdika, Member of the Board of Executive Directors of General Reinsurance AG, said: “Gen Re aims to make major contributions to the dynamic development of the life and health market in the MENA region. MENA is a key strategic region for us, and with the new office in DIFC, we will benefit from the proximity to clients in the UAE and other GCC countries. DIFC is an excellent location for our continued success in the region.”
DIFC now hosts about 100 firms from the insurance sector, and which saw combined gross premiums written of $1.7 billion last year. "With names such as Gen Re and Berkshire Hathaway Specialty Insurance operating from the Centre, we continue to be recognised both locally and globally as a centre of excellence for insurance and reinsurance," said Arif Amiri, CEO of DIFC Authority.