DOHA, 11 November 2007
AIG MEMSA has been granted a license to establish a branch and operate from the Qatar Financial Centre (QFC). AIG Qatar is based in the QFC Tower located in the centre of Doha. The new offices were formally opened by Mr. Charles Bouloux, President AIG MEMSA, on 11 November.
Mr. Bouloux said, “We are grateful to the Qatar Financial Center Regulatory Authority for their support in establishing the latest AIG office. Having a presence in Qatar further advances our goals in the region and provides us with direct access to one of the fastest growing economies in the GCC. This office brings AIG global, regional and local value through world class general insurance products and services to corporations and consumers throughout the country.”
Stuart Pearce, Chief Executive Officer and Director General of the QFC Authority, said “Since we began building a platform to allow insurance and re-insurance companies to offer a full range of retail and corporate insurance services in and from Qatar, the interest from the global insurance community has been very significant. We see insurance and reinsurance as core business areas which the QFC legal structure is uniquely well placed to support, and we therefore welcome AIG’s commitment to this market and to the QFC. By obtaining a license to operate in Qatar AIG MEMSA are demonstrating the opportunities that are here and are among the first movers of a large group of insurance firms and brokers who are also applying for licenses here."
AIG Qatar benefits from AIG’s disciplined global underwriting standards and 87 years of experience in delivering innovative insurance solutions to the international community through a network of more than 130 countries and jurisdictions, reaching over 69 million customers. Among other things, AIG Qatar has the capabilities to meet all the insurance needs of small and medium enterprises with individual or package products.
With this move AIG MEMSA strengthens its long-standing presence in the Middle East with its new base, AIG Qatar, headquartered at the Qatar Financial Center.
Media Contacts
Zoe Bouloux
Marketing and PR Executive
AIG MEMSA and AIG Takaful - ENAYA
Tel: +971 4 362 1761
Mob: +971 50 383 2142
Notes to Editors:
AIG MEMSA
AIG has established itself as a dominant player in the Middle East Insurance market since its operations began in this dynamic region over 50 years ago. It has a presence in 15 countries in the Middle East, Mediterranean and South Asia regions and continues to post significant growth every year.
Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.
QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.
The QFC Civil and Commercial Court and QFC Regulatory Tribunal
The QFC Civil and Commercial Court and QFC Regulatory Tribunal were launched in February 2007. The President of the Court is Lord Woolf, formerly Lord Chief Justice of England and Wales. The Court is modelled on the internationally respected Commercial Court in London. In the event of disputes in matters of law, it will be the final arbiter. The Regulatory Tribunal has been established to hear and decide upon appeals from decisions of the QFC Regulatory Authority and other QFC agencies. Its Chairman is William Blair, QC. Both the President and the Chairman are supported by Judges who have held the highest judicial offices in their own jurisdictions.