Global broker Marsh is to provide captive management across the United Arab Emirates after being granted the first licence to provide such services by Abu Dhabi’s regulator.
Operating as Marsh Management Services (MENA) Limited, the firm has been authorised to provide captive insurance management services by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).
Marsh Management Services is the first company to be authorized as a captive insurance manager by the FSRA, the broker said in a statement.
“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,” said Ronny Vellekoop, senior executive officer at Marsh.
“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: “We are delighted to welcome Marsh to the ADGM family. Their 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.“
Teng added: “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.”