David Howden CBE, CEO, Howden said: “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”
London: Howden, the global insurance intermediary group, today announces that 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). This 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.
Motaz 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.
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.
David Howden CBE, CEO, Howden said: “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. ”
Richard Mockett, CEO, Howden Middle East and Africa, commented: “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.