Myanmar's Directorate of Investment and Company Administration (DICA) has granted a regulatory approval to The ACE Group for establishment of a representative office in the country.
Scheduled to be opened in Yangon, the new office will serve as a liaison office for the company's multinational customers having risks in Myanmar that need insurance, besides leading its efforts to participate in and help build the country's insurance sector.
The representative office will also enable the company to build relationships with the Myanmar regulatory authorities, its business sector and other insurance market participants, including insurance agents, brokers and other insurance and reinsurance companies.
ACE Limited chairman and chief executive officer Evan Greenberg said the company will leverage its global expertise to contribute to the development of the insurance market and economy of Myanmar.
''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,'' Greenberg added.
The company is currently completing registration process with the relevant Myanmar authorities with an aim to establish the office in late 2013.
A subsidiary of Zurich-based ACE Limited, the group is one of the world's largest multiline property and casualty insurers, and conducts operations in 53 countries and in the Lloyd's insurance market in London, UK.
The company provides a range of commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance products to multinational corporations and local businesses, individuals, and insurers.
