American Life Insurance Company (Alico), a member company of American International Group (AIG), has been granted a licence by the Qatar Financial Centre Regulatory Authority to operate a retail life insurance business in the Qatar Financial Centre.
Alico is the first life insurance company to receive an expanded licence, which is in addition to a wholesale life insurance licence first obtained in February 2007.
“We are pleased to have been granted this expanded licence by the QFC Regulatory Authority,” said Joyce A. Phillips, Alico President and Chief Operating Officer.
“The regulatory approval allows ALICO the opportunity to expand its wholesale and retail life insurance services that are offered through the vibrant financial hub currently at the heart of Qatar’s dynamic economic growth.”
Alico has been operating in the Middle East since 1952 and in Qatar since 1963. The company has regional offices in the Dubai International Financial Centre and maintains a leading presence in 14 territories across the region.
“Alico has a long-standing presence in the region, and we currently operate in all countries within the Gulf Cooperation Council,” said Patrick Choffel, Regional President for Alico’s Middle East, Africa and South Asia Region. “We’ve been actively contributing to the economy of Qatar for more than 40 years and we look forward to expanding our operations.”
Alico has operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world.
Alico, incorporated in Delaware in 1921, has more than $294 billion of life insurance in force as of December 31, 2006.
Alico granted licence by Qatar Financial Centre