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Details of the agreement were announced within a week of Friends Provident being granted a licence to operate in the UAE, and executives from both groups are confident that the combined offering will be extremely successful in the region's maturing market.
Matthew Waterfield, General Manager for Friends Provident International Middle East said:
"At the forefront of the Friends Provident business strategy is the expansion of its international operations. We are delighted to be offering our products through Nexus who, as the region's largest insurance broker, will significantly add to our depth of penetration in this growing market."
The UAE launch of Friends Provident International - which forms part of the Friends Provident Group with US $202 billion funds under management and in excess of three million policies and accounts worldwide - reflects the growing sophistication and potential of the regional insurance market.
The company offers a wide range of products for retail and corporate clients. Individual clients can benefit from Friends' 175 years of experience in offering life cover and savings, while corporate clients can benefit from the comprehensive range of business solutions ranging from Keyman Insurance to Shareholder Protection.
As more expatriates look to buy property and spend a longer proportion of their careers in the UAE, the market potential for insurance products is increasing significantly.
Research from management consultants Booz Allen Hamilton suggests that younger Gulf Arabs are more receptive to life insurance products, with around 60 percent actively considering them as part of a retirement plan.
Adding Friends Provident products to its panel will ultimately offer greater financial security to the clients of Nexus, according to owner and CEO, Mahmoud Nodjoumi.
"As an independent financial advisor, we are committed to offering our clients the widest range of insurance products," said Nodjoumi. "In signing this agreement with Friends Provident, we believe that we are extending the choice in the best-of-breed insurance solutions available within the market."
Launched in September 2006, Nexus employs some 300 professional advisors. It has offices in Dubai, Abu Dhabi and Bahrain, with plans to expand across the region and beyond.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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