Mubasher: Arab Insurance Group (Arig) has received a licence from the Dubai Financial Services Authority (DFSA) to run its 100%-owned new reinsurance subsidiary Arig Insurance Management "DIFC" Limited (AIM), according to a bourse statement issued on Wednesday.

The entity, which will be located in Dubai International Financial Centre (DIFC), will mainly focus on facultative specialty lines with underwriting authority from Arig.

“The recent upgrade in our rating along with the physical presence in the DIFC will reinforce Arig’s position on the facultative side which is the main target for expansion,” CEO of Arig Yassir Albaharna said.