International high-net-worth (HNW) life insurer Transamerica Life Bermuda has been granted a license by the Dubai Financial Services Authority (DFSA) to establish a presence in Dubai International Financial Centre (DIFC).
The company announced the approval earlier today and said in a statement that it has appointed Adnan Ladki as head of Transamerica Life Bermuda DIFC. He will work closely with the firm’s leadership team to drive its regional strategy and growth plans.
Kristine Ung, Chief Executive Officer at Transamerica Life Bermuda, called the company's entry into the DIFC a "significant milestone" in its global growth strategy. "Securing this license will allow us to support our distribution partners in the Middle East, which is becoming a vital international financial and wealth management hub,” she said.
Salmaan Jaffery, Chief Business Development Officer of DIFC Authority welcomed Transamerica Life Bermuda to DIFC. He said: "Our progressive and pioneering laws and regulations continue to attract leading industry names to DIFC, which includes more than 125 insurance related entities. As the region’s only global hub for insurance and reinsurance, we look forward to working with Transamerica Life Bermuda to help them access the vast opportunities available from the Centre.”
The DIFC currently hosts more than 125 insurance-related entities, underscoring its growing role as a key platform for international insurers targeting the Middle East.
