Gulf insurer appoints BNY Mellon
Dubai based Gulf Reinsurance Limited has awarded BNY Mellon Asset Servicing a mandate to provide global custody, cash sweep fund and securities lending services.
Gulf Re is a 50/50 joint venture between Gulf Investment Corporation and Bermuda based Arch Reinsurance Ltd. It has been licensed by the Dubai Financial Services Authority and will operate from the Dubai International Financial Centre (DIFC).
With a total of $400m in capital, the company will initially target high-value oil and gas, industrial, utility and transportation assets primarily in the six member states of the Gulf Cooperation Council. Gulf Re said it will write a broad range of property and casualty lines of reinsurance, including aviation, energy, commercial transportation, marine, engineered risks and property, on both a treaty and facultative basis.