AXIS Capital Holdings is looking to Dubai to help spur its next expansion phase.
The Bermuda-based specialty insurer and reinsurer said its wholly owned subsidiary AXIS Re SE won a license from the Dubai Financial Services Authority to open a representative office in the Dubai International Financial Centre.
Plans call for the office to focus on marketing accident and health specialty reinsurance in the Middle East and Africa.
While AXIS will be pursuing new business in the Middle East and Africa, it is cutting back elsewhere. AXIS said in October that it would eliminate 100 jobs and wind down its retail insurance business in Australia.
At the same time, AXIS plans to remain active in Australia through its international wholesale insurance and global reinsurance platforms
Late last summer, AXIS saw the end of its planned merger with PartnerRe, which will instead be purchased by Italian investment firm EXOR for $6.9 billion.
Source: AXIS Capital Holdings