Dubai: Transamerica Life Bermuda Gains DIFC Licence – HNWI Insurance Boost
Transamerica life Bermuda is set to boost its high-net-worth (HNW) insurance offerings in the Middle East after securing a license to operate within Dubai’s International Financial Center (DIFC). This strategic move highlights the company’s commitment to the region, allowing it to support distribution partners better. transamerica, boasting nearly two centuries of experience, aims to provide tailored life insurance solutions. With Adnan Ladki appointed as Head of DIFC, the firm is poised to leverage the DIFC’s robust regulatory environment, attracting top insurance entities. This expansion strengthens the hub as a vital international financial and wealth management centre. News Directory 3 understands the significance of this development. Discover what’s next for Transamerica’s DIFC presence.
Transamerica Life Bermuda Expands into Dubai Financial Center
Updated June 7, 2025
Transamerica Life Bermuda, a major global high-net-worth (HNW) life insurer, has received approval from the Dubai Financial Services Authority (DFSA) to establish operations in the Dubai International Financial Center (DIFC). This strategic move underscores the company’s commitment to expanding its reach in the Middle East.
kristine Ung, CEO of Transamerica Life Bermuda, emphasized the significance of this expansion. She said the license allows them to better support distribution partners in the Middle East, which is becoming a key international financial and wealth management hub. The expansion allows Transamerica to offer its high net worth life insurance products to a broader audience.
Salmaan Jaffery, Chief Business Progress Officer at DIFC Authority, welcomed Transamerica Life Bermuda. He noted that DIFC’s regulations continue to attract leading insurance entities, with over 125 insurance-related companies now based ther. The Dubai financial center offers access to vast opportunities in the region.
“Our entry into DIFC marks a significant milestone in our global growth strategy. Securing this license will allow us to support our distribution partners in the Middle East, which is becoming a vital international financial and wealth management hub.”
With nearly two centuries of experience through Aegon and Transamerica, Transamerica life Bermuda brings expertise in large sums assured and complex customer scenarios to the region. The company’s life insurance solutions are tailored to meet the unique needs of high-net-worth individuals.
Adnan Ladki has been appointed as Head of DIFC for Transamerica Life Bermuda. He will collaborate with the leadership team to advance the company’s regional ambitions. Ladki noted DIFC’s role in developing the insurance and reinsurance industry, attracting talent and expertise to serve key markets in the Middle East, Asia, and Africa.
“Over 20 years, DIFC has steered development within the insurance and reinsurance industry, attracting talent and technical expertise to access key markets in the Middle East, Asia, and Africa region. DIFC, as a jurisdiction that is benchmarked against regulatory environments including London, Bermuda, and Hong Kong, inspires confidence for reinsurers, reinsurance brokers, and MGAs to set up their operations.”
DIFC hosts prominent insurance brokers, including five top-ranked entities by AM Best.In 2024, DIFC reported record growth with 6,920 active companies and strong financial performance.
What’s next
Transamerica Life Bermuda plans to further develop its presence in the DIFC, focusing on building strong relationships with partners and expanding its range of services for high-net-worth clients in the Middle East.