Howden, the London-based insurance intermediary group, announced it has received regulatory approval to launch a reinsurance operation in the Kingdom of Saudi Arabia.
The new business will be led by Motaz Bukhari, who has been appointed chief executive officer of Howden Re, Kingdom of Saudi Arabia (KSA). Howden said the announcement reflects its commitment to investing in new markets, offering a home for local and global talent and greater choice for clients and carriers in Saudi Arabia and the wider region.
Bukhari brings with him a wealth of experience, having spent 12 years in the insurance industry. Over the past five years, he held various leadership roles at Marsh Guy Carpenter in Saudi Arabia, most recently serving as deputy CEO. His career also includes seven years on the underwriting side, specializing in property and energy at Arch. He began his professional journey as an engineer with Saudi Aramco.
Howden Re KSA will provide reinsurance brokerage services across treaty and facultative placements, in addition to offering strategic advice on leveraging data, analytics and capital markets expertise for the Saudi market. Howden Re will be partnering with local, culturally aligned businesses and investing in local talent to scale the business quickly and effectively.
“We couldn’t be more excited to open the doors to Howden KSA. This is a country buzzing with opportunity. It is one of the fastest growing economies in the G20 with a hugely ambitious vision that puts insurance front and center,” commented David Howden CEO of Howden.
“We have already built up a strong partnership with the Kingdom thanks to our role as part of the UK government’s Great Futures delegation, our work with Saudi EXIM bank and our sponsorship of the Jockey Club of Saudi Arabia,” he added. “We now look forward to turbocharging our efforts – building a long-term commitment with our Saudi partners, providing innovative solutions to the local market, and a fresh alternative for home-grown talent.”
“Saudi Arabia’s extraordinary pace of development presents a unique opportunity for the re/insurance sector to play a critical role in supporting and de-risking the Kingdom’s ambitious initiatives,” according to Richard Mockett, CEO, Howden Middle East and Africa.
“We are proud to announce our entry into this strategically vital market, marking a significant moment in our ongoing expansion across the Middle East. Under Motaz’s leadership and guidance, we are confident that Howden will make a huge contribution to Saudi Arabia’s dynamic and rapidly evolving re/insurance sector,” Mockett said.
Founded in 1994, Howden provides insurance, reinsurance and underwriting services and solutions for clients in 56 countries in Europe, Africa, Asia, the Middle East, Latin America, the US, Australia and New Zealand. Howden employs 22,000 people and manages premiums totaling US$45 billion.
Source: Howden
Topics Legislation Reinsurance
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