Lockton Re has appointed Mr Mozum Khan as Global Head of Property Innovation and Solutions. He will be based in Dubai.
Newly launched Riyadh Reinsurance Company (Riyadh Re) has appointed Mr Belhassen Tonat as CUO, effective November. He will be based in the company's headquarters in Riyadh.
Egypt's insurance regulator, the Financial Regulatory Authority (FRA), has issued new regulations concerning the registration of reinsurance companies and their branches to carry out business with Egyptian insurers.
The Australian Government has passed the Criminal Code Amendment (State Sponsors of Terrorism) Bill 2025, which amends the Terrorism and Cyclone Insurance Act 2003 (TCI Act). The amendment aligns the definition of a terrorist act with the Crimes Act 1914, ensuring that coverage under the TCI Act extends to state-sponsored terrorism.
The Saudi insurance market recorded growth of more than 17% in 2024, with the insurance penetration rate standing at 2.6% of non-oil GDP. The growth rate outpaced the G20 average, pointed out the Chairman of the Insurance Authority Abdulaziz Alboug.
The Company for Cooperative Insurance (Tawuniya), the biggest insurer in the Middle East, has launched Riyadh Reinsurance Company (Riyadh Re), a new reinsurer with strong domestic, regional and global ambitions.
Conduit Holdings, the ultimate parent company of Conduit Re, has announced the appointment of Mr Nicholas Shott as non-executive director.
The Company for Cooperative Insurance (Tawuniya) plans to launch a reinsurance company by the end of 2025, pending key approvals from regulatory and supervisory authorities, revealed Tawuniya CEO Othman Alkassabi.