Ace Group of Companies has branched out into the Middle East, officially opening an office of Ace International Life in the United Arab Emirates.

Ace International Life had previously said at the end of March it received a license from the UAE's Ministry of Economy to offer a full range of life-insurance products.

The firm announced yesterday that it had formally opened an office in the United Arab Emirates, after receiving the license to do so three months ago.

A launch ceremony was held last Wednesday at the Sheraton Dubai Creek Hotel and Towers in Dubai.

Speakers included Sherry Hersey, regional executive, Europe and Middle East, and Sami Sharif, chief executive officer, Ace Life Middle East and Africa Region. Officials from the Ministry of Economy and the United States Consulate, as well as representatives from the insurance industry, were also present at the ceremony.

Ace Life will offer a full range of life insurance products in the UAE, from pure protection to investment products, that will be marketed through multiple distribution channels including direct marketing, banks, agencies and affinity groups.

"We would like to thank the Ministry of Economy and their representatives," said Barry Jacobson, Ace International Life president.

"It is indeed an honour to be granted an insurance license in the UAE and to receive the privilege of beginning operations there. We also want to thank the representatives of the US Consulate, and the Ace Life Middle East and Africa regional team, led by Sami Sharif. It is our management team's understanding of the culture and their depth of international life insurance experience that differentiates Ace Life around the world."

Mr. Sharif is responsible for the life insurance operations in the Middle East and Africa Region, including both the new UAE operation as well as the current Ace Life operation in Egypt.

Mr. Sharif has 18 years of financial services experience in the Gulf Region, the United States and Asia. He is supported in the region by a management team that includes Walid Fakhoury, chief marketing officer; Samir Maddah, chief operations officer; and Ahmed Ramadan, chief financial officer.