Howden, a global insurance intermediary group, has received regulatory approval to launch a reinsurance operation in the Kingdom of Saudi Arabia (KSA).
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.
Howden CEO Mr David Howden said that the KSA “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 centre”.
The announcement reflects Howden’s 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, Howden said in a statement.
The new business will be led by Mr Motaz Bukhari, who has been appointed CEO of Howden Re KSA. He has 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, specialising in Property and Energy at Arch. He began his professional journey as an engineer with Saudi Aramco.