Marsh opens captive manager in Abu Dhabi
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Marsh LLC on Tuesday said it has been awarded the first license to provide captive insurance management services in Abu Dhabi, United Arab Emirates.
The company, a subsidiary of Marsh & McLennan Cos. Inc., will operate as Marsh Management Services (MENA) Ltd. and is the first company to be authorized as a captive insurance manager in Abu Dhabi by the Abu Dhabi Global Market’s Financial Services Regulatory Authority, Marsh said in a statement.
“Abu Dhabi aims to play a pivotal role in meeting the growing financial, insurance needs and requirements of the region, while connecting and strengthening links between the financial markets of Europe, the Middle East, Africa and Asia,” Ronny Vellekoop, senior executive officer of Marsh Management Services (Dubai) Ltd. in Dubai, said in a statement.
“As a captive insurance manager, Marsh is poised to provide innovative and key services to companies in Abu Dhabi and the wider region,” said Richard Teng, CEO of the Abu Dhabi Global Market’s Financial Services Regulatory Authority, in the statement. “ADGM will continue to strengthen its captive insurance regime to provide users with strategic risk management and financial solutions to support their business ambition and growth locally and globally.”
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