Lancashire planning to set up Dubai armPosted On: Nov. 29, 2006 12:00 AM CST
HAMILTON, Bermuda Lancashire Holdings Ltd. is planning to set up an insurance intermediary in Dubai to more effectively market its Bermuda and United Kingdom-based insurance companies throughout the Middle East.
Lancashire said it planned to incorporate a subsidiary in the Dubai International Financial Centre and to apply to the Dubai Financial Services Authority seeking an authorized insurance intermediation status for the new unit.
"In the short term we do not anticipate any change to our existing forecasts. In the longer term, having a presence in the Middle East will allow the Lancashire Group to grow a solid book of business that will complement our existing underwriting," said Richard Brindle, chief executive officer of Lancashire, in a statement.
He said that Lancashire intended to write non-catastrophe exposed engineering risks in the region and other lines such as energy.