Regional insurance leader ACE has formed a reinsurance broking unit in order to meet regulatory requirements for it to separate its insurance and reinsurance businesses.
ACE Re Reinsurance Brokers is formed to manage reinsurance business in Saudi Arabia, a strategic addition to the ACE Group.
ACE Re in Saudi Arabia will assist clients by offering a range of reinsurance structures in order to create significant capital relief for insurance buyers, and by offering creative solutions that address clients' specific needs.
Ms Yolla El Khoury, CEO of the ACE Group, said, “ACE has an established history of delivering customised insurance solutions to clients, applying international standards in all of its dealings, with direct access to the Lloyds market and to the major reinsurance securities across the globe.
“With the formation of ACE Re in the Kingdom of Saudi Arabia, we are committed to servicing the reinsurance industry to the highest standard with integrity and transparency at all levels.”
ACE Group, which has operated for over 65 years, provides tailor-made solutions and comprehensive claims and risk management services to clients locally through 17 offices in seven different countries.