Middle East - UAE: Lloyd's and DFSA enter into cooperation framework
Source: Middle East Insurance Review | May 2016
The Dubai Financial Services Authority (DFSA) and the Society of Lloyd’s have established a Framework for Co-operation to mark the first anniversary of the Lloyd’s Dubai platform.
The Framework promotes an efficient and effective flow of information between the DFSA and Lloyd’s in relation to Lloyd’s syndicate service companies and other coverholders who operate in the Dubai International Financial Centre (DIFC).
The Framework was signed by Lloyd’s Chairman John Nelson and DFSA Chief Executive, Mr Ian Johnston in Dubai.
Mr Nelson said: “This Framework for Cooperation recognises the responsibilities and common interests between Lloyd’s and the DFSA in ensuring Lloyd’s business in the DIFC is appropriately conducted and supervised.”
He added: “The presence of the Lloyd’s underwriting community in the DIFC allows us to build stronger relationships and deeper risk insights across the region and we are seeing promising business growth as a result of this investment.”
In 2015, Lloyd’s Dubai generated an estimated US$91 million in gross written premium, which is forecast to grow by 30% in 2016.