The ACE Group said it has received provisional approval from Myanmar’s Directorate of Investment and Company Administration to establish a representative office in the country.
ACE said it is now completing the registration process with Myanmar authorities with the intention of opening the office in the city of Yangon later this year.
In addition to acting as a liaison office for ACE’s multinational clients that may have risks in Myanmar that require insurance, ACE said the representative office will enable it to build relationships with the Myanmar regulatory authorities, the country’s businesses, and insurance agents, brokers and other insurance and reinsurance companies.
“The ongoing political reform process, encouraging demographics of a relatively young and growing population as well as the increased per-capita income make Myanmar an attractive market for the future,” Chairman and CEO Evan Greenberg said.
Source: The ACE Group