Transamerica Life Bermuda, the global high-net-worth life insurer, has been granted a licence by the Dubai Financial Services Authority to establish a presence in Dubai International Financial Centre, the leading global financial centre in the Middle East, Africa and South Asia, TLB said in a release.

Kristine Ung, chief executive officer, stated: “Our entry into the DIFC marks a significant milestone in our global growth strategy. Securing this licence will allow us to support our distribution partners in the Middle East, which is becoming a vital international financial and wealth management hub.”

Salmaan Jaffery, chief business development officer of DIFC Authority, commented: “We are delighted to welcome Transamerica Life Bermuda to DIFC. 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.”

With a heritage spanning almost 180 years through Aegon and Transamerica, Transamerica Life Bermuda brings significant experience in large sums assured and managing complex customer scenarios to the Middle East.

Adnan Ladki has been appointed as head of DIFC for Transamerica Life Bermuda and will work closely with the leadership team to advance the company’s ambitions for the region.

Over 20 years, DIFC has steered development within the insurance and reinsurance industry, attracting talent and technical expertise to access key markets in the Middle East, Asia and Africa region.

DIFC, as a jurisdiction that is benchmarked against regulatory environments including London, Bermuda and Hong Kong, inspires confidence for reinsurers, reinsurance brokers and managing general agents to set up their operations, the statement said.

It added: “Home to the region’s broadest and deepest financial ecosystem, DIFC announced record-breaking growth in 2024 with a total of 6,920 active companies, with record-breaking financial performance.

“DIFC is also home to a range of world-class insurance brokers, five of whom are among the top ranked entities by AM Best.”