Magazine date:
May 2008 Gulf Re is hoping to play a major role in the reinsurance of Gulf countries. According to its General Manager, Gail Norstrom, the company is targeting, in particular, the underwriting of mega energy projects where it intends to write considerable shares. According to Gail Norstrom, 95% of the 5.18 billion of reinsurance premiums generated by the region's insurers are ceded outside the Gulf.
Gulf Re is a joint venture that has been recently set up by the Bermudan Arch Capital Group and Gulf Investment Corporation (GIC). Based at Dubai International Financial Centre (DIFC) and endowed with a capital of 400 million USD, 200 million of which are paid-up, Gulf Re shall be operational starting from mid 2008.