Swiss Life opens insurance intermediation office in DIFC

The inauguration of the new office was attended by H.E. Wolfgang Amadeus Bruelhart, the Swiss Ambassador to the UAE and Abdulla Al Awar, the Managing Director of DIFC Authority.

Following the establishment of Swiss Life's Singapore life insurance branch in spring of this year to secure access to the Asian market, Swiss Life is now expanding its business in insurance solutions for high net worth individuals - Private Placement Life Insurance - in order to tap into the growth market in the Middle East. The new office's product portfolio comprises customised concepts for Private Placement Life Insurance (PPLI), integrating wealth management with high-end life insurance. Swiss Life is cooperating with leading private banks and independent asset managers to sell these products.

Abdulla Al Awar, Managing Director of DIFC Authority, said: "We are very happy to welcome Swiss Life to the financial services community in DIFC. With the wealth of high net-worth individuals in the Middle East expected to grow at a rate of 15.3% till 2012, the demand for specialised life insurance services catering to their needs is also bound to increase. DIFC will provide Swiss Life with a productive platform for establishing a firm foothold in the region and tapping these growth opportunities."

Peter Huber, CEO Private Placement Life Insurance: "With the Dubai office we are ideally positioned to meet the requirements of international high net worth individuals. This market, with its currently low insurance density, enables us to position ourselves as an exclusive partner for customised life insurance and to exploit our growth potential."

The Dubai insurance intermediation office, established in the Dubai International Financial Centre, will be managed by Peter Traber. The office received authorisation from the Dubai Financial Services Authority (DFSA) and is subject to its supervision.

About the Private Placement Life Insurance unit
The Private Placement Life Insurance business unit offers structured life insurance solutions integrating wealth management with high-end life insurance to high net worth individuals. In 2007, gross written premium amounted to over CHF 3 billion and assets under administration to CHF 9 billion. The business unit employs a workforce of 150 in Dubai, Liechtenstein, Luxembourg, Singapore and. Switzerland.