The ACE Group of insurance and reinsurance companies recently declared that they have been allowed a licence by the Dubai Financial Services Authority for setting up a fully owned subsidiary in the Dubai International Financial Centre (DIFC).

The DFSA Category IV licence allows ACE to give reinsurance products into the market via a fresh company, which has been given the name ACE Insurance Management (DIFC) Ltd.

Mark Quinn, the senior executive officer, will be heading the subsidiary, and ACE declared that it will increase its underwriting capabilities in Dubai with an extra new senior property underwriter.

Regional Managing Director for ACE in the Middle East and North Africa (MENA) Steve Dixon gave a description of the acquisition of the licence as being a very important milestone for ACE in its Middle East development.

Dixon further said that the firm at present consisted of a team of established underwriters situated near the market and got its support from the firm’s global resources.

Last July, the ACE American Insurance Company set up a representative office in Dubai, which allowed ACE to do research and development activity in the UAE.