Transamerica Life Bermuda, a global high-net-worth (HNW) life insurer, is expanding its international presence with the establishment of a new base in the Dubai International Financial Centre (DIFC).
This strategic move follows the successful acquisition of a licence from the Dubai Financial Services Authority (DFSA), a global financial centre in the Middle East, Africa, and South Asia (MEASA) region.
Adnan Ladki was appointed as Head of DIFC for Transamerica Life Bermuda and will work closely with the leadership team to advance the company’s ambitions for the region.
Leveraging nearly 180 years of combined experience through Aegon and Transamerica, Transamerica Life Bermuda brings significant experience in large sums assured and managing complex customer scenarios to the Middle East.
Kristine Ung, Chief Executive Officer at Transamerica Life Bermuda, stated: “Our entry into DIFC marks a significant milestone in our global growth strategy. Securing this licence will allow us to support our distribution partners in the Middle East, which is becoming a vital international financial and wealth management hub.”
DIFC is home to a multitude of renowned insurance brokers, five of whom are among the top ranked entities by AM Best.
Over the past two decades, DIFC has steered development within the insurance and reinsurance industry, attracting talent and technical expertise to access key markets in the MEASA region.
In 2024, the centre experienced a record-breaking growth with a total of 6,920 active companies, with unparalleled financial performance.
Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, commented: “We are delighted to welcome Transamerica Life Bermuda to DIFC. Our progressive and pioneering laws and regulations continue to attract leading industry names to DIFC, which includes more than 125 insurance related entities.
“As the region’s only global hub for insurance and reinsurance, we look forward to working with Transamerica Life Bermuda to help them access the vast opportunities available from the Centre.”
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