Global insurance brokerage, risk management and advisory firm Gallagher has acquired a majority stake in ACE Re Gallagher Arabian Reinsurance Brokers, further strengthening its commitment to supporting customers and businesses in the Kingdom of Saudi Arabia.
The management team of ACE Re Gallagher Arabian Reinsurance Brokers will reportedly make a seamless transition to the new Gallagher business, with clients retaining their original teams while having direct access to the scale, expertise and resources of the global firm.
To oversee and expand the business, Gallagher appointed Abdulkarim Almeajel as CEO of Saudi Arabia.
Almeajel joins Gallagher from Tawuniya, Saudi Arabia’s first and largest insurance company, where he spent 15 years, most recently as executive director of general insurance.
Prior to this, he also held roles at Al Rajhi Takaful and Aramco in Saudi Arabia.
Gallagher explained that the development builds on its existing presence in the Middle East and will enable the company to serve reinsurance clients from its Al Khobar office, with plans to open an office in Riyadh in the near future.
Nadim Semaan of Gallagher Re commented: “This investment in Saudi Arabia marks an important new milestone in Gallagher’s journey across the Middle East.
“I am delighted to welcome the ACE Re Gallagher team and Abdulkarim to our specialty and reinsurance business. Saudi Arabia is a dynamic market that is expanding significantly and our global expertise, coupled with deep local knowledge, allows us to better support businesses across the Kingdom with their (re)insurance and risk management needs.”
Yolla El Khoury, CEO of ACE Gallagher Holding, said: “What started as a successful partnership has now evolved into a more integrated regional model. Integrating our specialty and reinsurance businesses allows us to move forward with a unified vision, enhanced capabilities and a platform designed for long-term growth across the Middle East.”
