Marsh Granted First Captive Management Licence in Abu Dhabi
London | November 27, 2018
Marsh, a global leader in insurance broking and innovative risk management solutions, today announced that it has been awarded the first licence to provide captive insurance management services in Abu Dhabi.
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). The AGDM is the International Financial Centre in the capital of the United Arab Emirates. Marsh Management Services (MENA) Limited is the first company to be authorized as a captive insurance manager by the FSRA.
“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, 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.”
Mr Richard Teng, Chief Executive Officer 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. 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.”
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$15 billion and 75,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.