Independent insurance broker Lockton has secured a reinsurance license in the Kingdom of Saudi Arabia, a move that marks the next stage of the company’s geographical expansion.
Chris Brown, CEO of Lockton International, said: “This license strengthens our service and ensures we can meet the needs of our clients in Saudi Arabia and beyond when they need it, combining Lockton’s reach with the specialized capabilities of our Lockton Re (Treaty) business. Being close to our clients is at the heart of our strategy and this expansion demonstrates our commitment to serving our clients as their risk and insurance needs change.”
The reinsurance business will be led by CEO Mohammed Al Rowais, who has more than 15 years of experience in the Saudi insurance market.
During this time, he has held senior positions in market-leading companies and is currently a member of the General Insurance and Reinsurance Subcommittee of the Insurance Authority of the Kingdom of Saudi Arabia.
The broker said his leadership and deep local market knowledge will be critical in building concurrent and treaty capabilities in the Kingdom.
Ata Khatib, Chairman of Lockton MENA, commented: “Our priority is to provide locally-led reinsurance solutions that combine global expertise with market-specific insights and meet the evolving needs of our clients in Saudi Arabia.
“Mohammed’s experience and leadership will help us build the capabilities needed to deliver end-to-end support, from complex interim placements to treaty solutions, ensuring clients receive the best advice and execution in the situations that matter most.”
The expansion leverages Lockton’s global wholesale and reinsurance expertise to meet the growing needs of local insurers and deliver high-quality capabilities and solutions tailored to the evolving risk needs across the Kingdom.
Keith Harrison, CEO of Lockton Re International, said: “Treaty (reinsurance) is increasingly focused on innovation, bringing analytics, capital solutions and flexible program design to support growth and resilience. Under Mohammed’s leadership, our Saudi platform will enhance the way we deliver treaty solutions in the Kingdom, ensuring Lockton sets the standard for leadership and innovation in this key market.”
Lockton first expanded into the Kingdom of Saudi Arabia in November last year, appointing Mohammad Al Abdul Jabbar as chief executive officer (CEO) of its retail business in the region.
The Saudi Arabia retail operation is launched with a team of 20 experts as well as insurance and risk advisors, ensuring clients benefit from global best practice and local market knowledge.