Pacific Prime Launches Middle Eastern Partnership with MedStar Insurance Brokers LLC.
Online PR News – 04-June-2012 – Hong Kong – Pacific Prime Insurance Brokers is pleased to announce the formation of a partnership with MedStar Insurance Brokers LLC in the UAE.
Pacific Prime had investigated the possibility of forming a domestic partnership in the United Arab Emirates during 2008, but determined that it was not the right time to enter the market due to the Global Financial Crisis – which was just starting to emerge.
Pacific Prime CEO, Neil Raymond, said that "in 2011 we felt the time was right to look again at the Middle East, given that the UAE and Gulf Cooperative Council countries represented tangible growth opportunities in the international private medical insurance market. Even after the Arab spring the region is still the largest iPMI market in the world, so we felt it was a place we needed to be given our strong presence in South East Asia."
The uptake of GCC Health insurance coverage has exploded in the last decade, with the number of policyholders rising by 1,840 percent from 2003 to 2012.
MedStar Insurance Brokers is headquartered in Abu Dhabi, UAE, and is a leading brokerage for Life, Medical, and Retirement plans throughout the Middle East and South Asia. Established in 1998, the company has a similar corporate history to that of Pacific Prime and the partnership between the two organizations sees the potential for massive market capitalization in the near term future.
Darren Counsell, MD of Pacific Prime in the Middle East, said of the partnership agreement "We, at Pacific Prime, are thrilled to have entered into a partnership agreement with such an exceptional local organization. This partnership and Pacific Prime’s entry into the GCC market allows us to better serve our global customer base, and enables us to continue to provide the high quality local advice and knowledge which makes Pacific Prime so distinctive."
Early indications are that the region represents significant opportunities and Pacific Prime has already seen sizable growth during their short time in the UAE.