ACE Group has received provisional approval from local regulators to establish a representative office in Myanmar. The company is currently completing the registration process with the relevant authorities. ACE intends to open the office later this year.
The office will act as a liason office for ACE clients with risks in Myanmar. In addition, the office will enable ACE to build relationships with regulatory authorities and the country’s business sector. The office will also lead ACE’s efforts to participate in and help to build Myanmar’s insurance sector.
Evan Greenberg, chairman and CEO of ACE Limited, commented: “With ACE’s experience in many emerging markets around the globe, we hope 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. We look forward to the prospect of lending our expertise in helping to build a strong and efficient insurance market, and we are committed to growing our presence over time to serve the protection needs of the nation’s citizens and businesses.”
ACE, Myanmar, reinsurance, insurance, Bermuda