CASBALANCA, Morocco--(BUSINESS WIRE)--AIG (www.aig.com) announced today that it has received approval for the establishment of a servicing office in Casablanca Finance City (CFC www.casablancafinancecity.com), Morocco, to support the strategic growth and expansion of its insurance business across North and West Africa. CFC serves as Morocco’s finance centre and a leading African hub for the development of business across the region, with a particular focus on financial services.
Michael Whitwell, President, MEA, 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 made the following comment on AIG’s establishment in the Kingdom :
“We are very pleased to announce that AIG, one of the top insurance organizations 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.
These are indeed exciting times for Africa, CFC and multinational corporations which can no longer ignore the world's fastest-growing continent.”
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.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
CFCA, formerly Moroccan Financial Board, is a public-private partnership dedicated to positioning Casablanca as an international financial center, and a premier gateway into African markets for financial institutions, regional headquarters of multinational corporations, and professional services firms. CFCA is empowered by law with the overall management and promotion of Casablanca Finance City.
Additional information about CFC can be found at www.casablancafinancecity.com | Twitter: @casafinancecity | LinkedIn: http://www.linkedin.com/company/casablanca-finance-city