Marsh announced that it has been approved by the Saudi Arabian Monetary Agency (SAMA) to provide full insurance broking and advisory services in Saudi Arabia under the provision of the Insurance Law of 2003.
“The company will serve the insurance and reinsurance needs of its clients through Marsh Saudi Arabia Insurance and Reinsurance Brokers and provide consultancy and risk advisory services and solutions through Marsh Insurance Consulting Saudi Arabia,” said the bulletin. “These two entities are joint ventures that include Marsh, long time affiliate Saudi International Trading and Marketing, owned by Sheikh Abedlelah Kaki, and prominent insurance industry professional Mr Mousa Al Rubaian.”
Sa’ed Obied, country manager of Marsh in Saudi Arabia thanked the authorities for the license, and noted that “Saudi Arabian companies are growing in complexity and sophistication. As these companies expand their activities locally, regionally and globally, Marsh looks forward to working with them and bringing to bear its unrivalled resources to help them achieve their objectives.”
Robert Makhoul, Head of Marsh’s Middle East operations, stated: “The Middle East is one of Marsh’s fastest growing regions and Saudi Arabia is a key driver of that growth. Such rapid expansion brings not only opportunities but also greater and more complex risks.”
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