American International Group (AIG), one of the largest underwriter of commercial and industrial insurance in the US, has received approval for the establishment of a servicing office in Morocco
According to the company, the new centre in Casablanca Finance City (CFC), will support the strategic growth and expansion of its insurance business across North and West Africa.
CFC serves as Morocco’s finance centre and an African hub for the development of business across the region, with a particular focus on financial services.
Michael Whitwell, president for Middle East and Africa, AIG, said, “AIG’s commitment to Africa dates back over 50 years. As we looked to extend our strategic footprint within the continent, we are very pleased with the opportunities that Casablanca Finance City presents as a platform to facilitate our reinsurance and other insurance offerings across North, Central and West Africa.
“It will also allow AIG to enhance its service to existing clients in the region, as well as raise the company’s profile in these territories.”
Said Ibrahimi, CEO of Casablanca Finance City Authority added, “We are very pleased to announce that AIG, one of the top insurance organisations worldwide, has been the first foreign insurance institution to be granted the Casablanca Finance City Status. We are excited at the prospect of having AIG set up their regional hub for North, West and Central Africa in Morocco.”
Following the granting of CFC status by the CFC Commission, AIG expects to be fully operational in Casablanca Finance City by the third quarter of 2014.
