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VENTURES AFRICA- American International Group AIG, the largest underwriter of commercial and industrial insurance in the US, has received approval begin operation in Morocco, which it says will serve as the hub for its North and West African business.
AIG was this week granted permission to establish a servicing office in Casablanca Finance City (CFC), making it the first foreign insurance institution to be granted the Casablanca Finance City Status. The insurance giant hopes to leverage the opportunity as a springboard for its African expansion plan.
While noting that AIG’s commitment to Africa dates back to over 50 years, AIG President, MEA, Michael Whitwell, said, Casablanca Finance City presents a platform to facilitate the company’s 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,” he said.
CFC, formerly Moroccan Financial Board, is Morocco’s finance centre and a leading African hub for the development of business across the region, with a particular focus on financial services.
Following the approval by the CFC commission, AIG is expected start full operations in Casablanca Finance City by the third quarter of 2014.