DOHA, 2 July 2008
Marsh, the world’s leading insurance broker and risk adviser, today announced that it has been authorised by the Qatar Financial Centre (QFC) Regulatory Authority to provide a broad range of insurance broking and risk advisory services in Qatar.
Welcoming the grant of licence Duncan Buchanan, CEO of Marsh Qatar LLC, said: “This is excellent news for our clients and for Marsh. Qatar is one of the world’s fastest growing economies and the flow of companies entering the market to support this expansion is remarkable.
"The range and depth of Marsh’s insurance broking and risk advisory services are fully aligned to meet the needs of companies either already in or planning to enter this exciting market.
Through the provision of such world-class products and services we look forward to playing a prominent part in Qatar’s continued development and success."
Robert Makhoul, Head of Marsh’s Middle East Operations, said: "Marsh and its sister MMC companies have been operating successfully in the Middle East region for many years. We are proud of our track record, local knowledge and industry expertise and are confident there will be strong demand for the kind of broking and advisory services we can offer in Qatar. As the risk landscape evolves, it is increasingly important for companies to examine the potential risks they may face and then devise the most effective methods to mitigate them. Companies are undoubtedly applying a more sophisticated approach to risk. With the license issued by the QFC Authority, Marsh will be better able to advise clients in Qatar on these business-critical issues and develop effective solutions matched to their particular needs."
Stuart Pearce, CEO and Director General of the QFC Authority, added: "Without such world class intermediaries no insurance market is complete. Marsh will bring valuable risk management and transfer expertise to the local and regional market and will support our objective to become the region’s leading insurance and reinsurance hub."
About Marsh
Marsh, the world's leading insurance broker and risk advisor, has 26,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with more than 55,000 employees and annual revenue exceeding $11 billion. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; Oliver Wyman, the management consultancy; and Kroll, the risk consulting firm. MMC’s stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. MMC’s Web Site is www.mmc.com. Marsh’s Web site is www.marsh.com. You are subscribed to receive Marsh press releases. However, should you no longer wish to receive these, please e-mail Eileen Mercer on eileen.mercer@marsh.com.
About the 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 operates to international standards and provides a first class legal and business infrastructure for those operating from the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
Contacts:
Jason Groves
+ 44 20 7357 1455
jason.groves@marsh.com