Marsh Management Services has been awarded the first captive insurance management licence in Abu Dhabi.
The licence was awarded by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market’s (ADGM), the international financial centre of the UAE.
The licence means that Marsh Management Services is the first captive manager to be authorised by the FSRA. It is now licensed to manage captives in 50 domiciles worldwide.
Richard Teng, CEO of the FSRA, said the authority was delighted to welcome Marsh to the ADGM family.
Teng commented: “Marsh’s global expertise and presence in ADGM will further add to the risk advisory and insurance solutions space in the region as well as enhance the captive insurance platform in ADGM.”
“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.”
Ronny Vellekoop, senior executive officer at Marsh, 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 organisations 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.”