American re/insurance brokerage firm Marsh has obtained a licence from the Abu Dhabi financial regulators to offer captive insurance management services in the region.
The license was granted by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) to Marsh Management Services (MENA), a subsidiary of Marsh.
MENA is the first company that has been authorised to operate as a captive insurance provider by the FSRA.
Marsh senior executive officer Ronny Vellekoop said: “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.
“Through our captive management operations in ADGM, Marsh is well-placed to advise organizations across the region in how to use captive insurance companies to reduce the increasingly volatile risks they face, manage the costs of employee benefit plans, and boost their financial certainty.”
Richard Teng, CEO of the FSRA of ADGM, said: “As a captive insurance manager, Marsh is poised to provide innovative and key services to companies in Abu Dhabi and the wider region.
“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.”