Willis Group Holdings has become one of the first brokers to be officially licensed in Saudi Arabia by the Saudi Arabian Monetary Agency under the provisions of the Insurance Law of 2004.
The global insurance broker will do business as Willis Saudi Arabia, and notes that the new status will reinforce its “commitment to the Middle East in general and to Saudi Arabia where it already serves many clients through the offices of Arabian International Management Company (AIMCO).”
Willis also said it has “taken a significant equity stake in AIMCO through its Dubai-based joint-venture, Al-Futtaim Willis.” AIMCO’s company name will now also be changed to Willis Saudi Arabia, functioning in accord with Willis’ operational and compliance standards.
General Manager, Murray McLachlan, leads Willis Saudi Arabia. It now employs around 40 staff with offices in Riyadh, Jeddah and Al-Khobar.
Willis Managing Director – Global Specialties and Middle East Bob Peilow commented: “We are delighted to be able to make this important announcement. Saudi Arabia’s rapidly developing economy presents many opportunities and challenges and we are confident that Willis’ name and reputation, combined with our proven strategy of delivering locally the very best of our specialist, global expertise will contribute greatly to responding to our client needs which will continue to arise out of this period of growth.”
Source: – www.willis.com