To mark the first anniversary of the establishment of Lloyd’s in the Dubai International Financial Centre (DIFC), the Society of Lloyd’s (Lloyd’s) has entered into a Framework for Cooperation (the Framework) with the DIFC financial services regulator, the Dubai Financial Services Authority (DFSA). The Framework ensures an efficient and effective flow of information between Lloyd’s and the DFSA in relation to business undertaken by Lloyd’s syndicate service companies and other coverholders who operate in the DIFC. Therefore, the Framework serves to ensure that Lloyd’s business in the DIFC is more effectively supervised.
Although several Lloyd’s coverholders have conducted business in the DIFC for several years, Lloyd’s established its own subsidiary in the DIFC, Lloyd’s Ltd (Lloyd’s Dubai), in 2015. At this stage, Lloyd’s service companies and coverholders undertaking business in and from the DIFC are generally established as subsidiary companies and required to be licensed and regulated by the DFSA. Located on two floors in the DIFC, Lloyd’s Dubai currently serves as a “platform” for nine service companies. An additional service company, XL Catlin, operates nearby within the DIFC along with two Lloyd’s coverholders, Antarah and Elseco. It is anticipated that in the near future, Lloyd’s Dubai will also provide a number of services to Lloyd’s coverholders operating within the DIFC platform.
Since the opening of Lloyd’s Dubai, Lloyd’s has seen steady growth in the Middle East region and the Framework serves to confirm Lloyd’s commitment to the region.