Dubai, UAE: Orient Insurance PJSC has announced that it has entered into a reinsurance arrangement with HDFC International Life and Re Co Ltd, an important step in Orient Insurance’s strategy to cater to the needs of the expat segment. HDFC International Life & Re is a 100% subsidiary of HDFC Standard Life Insurance Company Ltd. (“HDFC Life”) from India and carries significant experience and expertise in underwriting life risks.
Orient also announced launch of its new product “Orient Pension Plan” which aims to cater to the expatriate population’s requirement of building a steady dollar denominated retirement income.
“This strategic relationship marks the coming together of Orient and HDFC International Life & Re, both having established and impeccable track records of customer centricity and financial robustness.” said Mr. Omer Elamin, President – Orient Group at their Annual Partners Meet held on 16th October at InterContinental Hotel, Dubai Festival City. He further added “The reinsurance arrangement helps us get closer to our strategic objectives, and we believe the association will provide value to the end customer. Orient Pension plan is an attempt to help our customers structure a long term savings vehicle which would secure their post retirement income.”
Sameer Yogishwar, CEO HDFC International said “Orient Insurance understands the needs of UAE based customers and will continue to come up with compelling solutions. We are delighted to associate with and provide our underwriting & reinsurance expertise to Orient”.
About Orient Insurance:
Orient Insurance, part of Al Futtaim Group, is the only company in UAE with a dual “A” rating both from Standard and Poors’ and AM Best. With over 34 years of experience in the UAE, Orient is a composite insurer operating in seven countries with a paid up capital of AED 500 Million and equity in excess of AED 2.5 Billion, the highest in the country.
About HDFC International:
HDFC International Life & Re is a DIFC based reinsurance company and is regulated by the DFSA. It is a Wholly Owned subsidiary of HDFC Life, one of the largest life insurers in India with Assets Under Management exceeding USD 11 Billion.