DIFC regulator grants captive insurance coverage licence to mining & metals organization

Dubai World Monetary Centre (DIFC) has granted a captive insurance coverage licence to Ma’aden, the biggest multi-commodity mining and metals corporate within the Heart East, and one of the most best 5 greatest mining corporations on the earth in keeping with marketplace capitalisation.

In a observation, the DIFC says that the captive licence will supply Ma’aden with monetary, strategic and operational advantages. By means of forming its personal insurance coverage corporate to give protection to in opposition to its distinctive trade dangers, Ma’aden can arrange difficult-to-insure possibility exposures, quilt gaps in its possibility control programme and seize winning premiums that will in a different way be paid to industrial insurers.

The licence will assist Ma’aden arrange retention and deductibles related to conventional possibility switch programmes and supply higher coverage in opposition to catastrophic losses and dangers

Riyadh-headquartered Ma’aden, a state-owned company, is without doubt one of the fastest-growing mining corporations on the earth, with 17 mines and websites and six,000 direct workers. Ma’aden is creating the mining business in alignment with Saudi Arabia’s Imaginative and prescient 2030 and targets to be a job type in accountable and sustainable operations.

Setting up a captive on the DIFC provides Ma’aden a strategic location the place it may well convene board conferences, and get admission to the DIFC’s reinsurance marketplace. It’s also as regards to the gang’s headquarters in Saudi Arabia, the DIFC says.

Ma’aden is the primary corporate to which the DIFC has granted a captive licence for the reason that Dubai Monetary Services and products Authority issued a solvency framework in April 2021 in particular for captives.