Allianz space underwriter, elseco limited, is setting up shop in the Dubai International Financial Centre

elseco limited, a wholly owned subsidiary of the Allianz Group, has announced that it has received a license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm within the Dubai International Financial Centre (DIFC).

elseco will help develop the Allianz Group’s activities around the world from its offices in the DIFC, with a primary focus on the Middle East and Asia.

“We look forward to becoming a part of one of the most dynamic financial centres in the world,” said Laurent Lemaire, chief executive officer of elseco. “Our suite of underwriting services meet what we believe is a strong market need, and the DIFC is clearly the ideal platform from which to reach out to the region.”

elseco’s current activities include underwriting aerospace-related risk for a number of insurance entities around the world, with a capacity in excess of $15m per event. The company also provides insurance products to satellite operators and related stakeholders across the globe that are willing to transfer some of their physical risk to a third party.

Nasser Al Shaali, chief executive officer of the DIFC Authority, said: “We are extremely pleased to welcome elseco limited to the DIFC, which is now home to more than 400 member companies. Considering the current high rate of growth in the regional insurance industry, the underwriting support provided by firms such as elseco limited has never been more necessary. We are confident that they will make a long-term contribution to the economic growth and stability of the wider region.”