Sovereign to open Dubai office

Bermuda- based Sovereign Risk Insurance has received approval in principle from the Dubai Financial Services Authority (DFSA) to establish a wholly-owned subsidiary in the emirate. The office, based in the Dubai international finance centre (DIFC), will be headed by Nila Davda, vice president and senior underwriting officer.

 "This is an important strategic initiative for us and we have chosen Dubai as the location for our first overseas office.  We see tremendous potential to expand our business in the region, and believe that Nila, with her background and experience, is the right person to spearhead this initiative.  We look forward to working with both new and existing clients in the region,” comments Price Lowenstein, president and chief executive officer of Sovereign.

Sovereign, owned by ACE Bermuda Insurance, boasts a portfolio exceeding US$13bn of exposure spread over 100 emerging markets.