- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:55 06:09 12:10 15:32 18:06 19:20
Gulf Reinsurance Ltd (Gulf Re) announced on Wednesday the appointment of Michael Gertsch as Chief Executive Officer of the company. Gertsch, who previously served as Chief Underwriting Officer at Gulf Re, takes over from Gail Norstrom; the company’s founding Chief Executive, who is stepping down after successfully overseeing the company’s first three years of operation.
All appointments are effective from March 1, 2011.
The move comes as the Dubai International Financial Centre (DIFC)-based reinsurance specialist looks to continue its development from a fresh start up and further build on the strong initial performance it has recorded since launch.
Focused solely on business opportunities emanating from the Gulf, including high-value oil and gas, industrial, utility and transportation assets, Gulf Re supports insurers by writing a broad range of property and casualty lines of reinsurance, including energy, marine, engineered risks and property, on both a treaty and facultative reinsurance basis.
Equally owned by Gulf Investment Corporation (GIC) and Arch Capital Group, Gulf Re provides reinsurance support to a range of leading regional firms in the oil and gas, petrochemical, power and manufacturing sectors, as well as portfolio support to many of the region’s largest insurers.
“Michael has been a core component of Gulf Re from the beginning and was key in establishing the underwriting platform under Gail’s guidance” said Marc Grandisson Gulf Re Chairman and Chairman of Arch Worldwide Reinsurance Group. “He is well qualified to lead the company into the next stage of its development and we expect a smooth transition.”
“Our view on Gulf Re’s strategy and mission is unchanged and Michael is the right person to carry on that vision.”
“Gulf Re is a key part of Gulf Investment Corporation’s strategy to actively develop new business ventures that support the growth of the GCC economies." said Shafic Ali, Gulf Re Vice Chairman and GIC Principal Investment Head of Utilities and Financial Services. Owned equally by the six GCC governments, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, GIC focuses on promoting private enterprise and supporting economic growth.
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