Dubai, 4 June 2025
Transamerica Life Bermuda, a leading global life insurer specializing in high-net-worth clients, has officially received authorization from the Dubai Financial Services Authority (DFSA) to commence operations in the Dubai International Financial Centre (DIFC).
The move marks a significant expansion of the company’s international footprint and highlights Dubai’s growing importance as a hub for wealth management and global finance.
Strategic Milestone in Global Growth
Kristine Ung, CEO of Transamerica Life Bermuda, described the license as a “crucial milestone” in strengthening the firm’s ability to serve clients and partners across the region.
“Dubai is emerging as one of the most influential global financial centers. Our presence in DIFC enhances our ability to meet the sophisticated needs of high-net-worth individuals in a rapidly evolving market,” Ung stated.
Why DIFC? A Global Platform for Insurers
Salmaan Jaffery, Chief Business Development Officer at the DIFC Authority, welcomed the firm to the Centre, noting that DIFC’s robust legal and regulatory environment continues to attract elite insurers.
Currently, more than 125 insurance-related firms operate within DIFC, including global leaders in reinsurance and brokerage, making it the region’s top insurance and reinsurance hub.
“Transamerica Life Bermuda adds strategic value to DIFC’s ecosystem and reinforces Dubai’s reputation as a destination for top-tier insurance innovation,” said Jaffery.
Leadership and Legacy
With nearly 200 years of heritage through parent companies Aegon and Transamerica, the firm is well-positioned to offer complex insurance solutions tailored to the ultra-wealthy. It has appointed Adnan Ladki as Head of DIFC, who will lead the company’s operations in the region and execute its strategic regional growth agenda.
DIFC: A Proven Insurance Powerhouse
For the past two decades, DIFC has been the go-to destination for insurance and reinsurance providers across the Middle East, Africa, and South Asia (MEASA). Its legal and regulatory frameworks are modeled after trusted global centers like London and Hong Kong, offering a strong and predictable platform for financial services.
In 2024, DIFC recorded unprecedented growth with nearly 7,000 active firms and an expanding base of top-rated insurance brokers, as recognized by AM Best.
Driving Innovation in Global Insurance
Beyond its role as a business hub, DIFC continues to lead industry dialogue and innovation. The Dubai World Insurance Congress (DWIC), hosted annually in DIFC, attracts over 1,700 global professionals from 80+ countries, spotlighting Dubai as a thought leader in insurance.
The Congress addresses current challenges and future directions of the global insurance market further positioning Dubai as a center for regulatory excellence, thought leadership, and industry transformation.
