Lockton has obtained a reinsurance licence in Saudi Arabia, allowing the company to deliver specialised risk solutions in the kingdom.
The new approval enables the company to provide localised facultative and treaty reinsurance services, while drawing on its wider wholesale and reinsurance platform.
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The Saudi reinsurance unit will be headed by Mohammed Al Rowais, who has more than 15 years of experience in the local insurance sector.
He previously held senior positions at major companies and also serves on the Kingdom of Saudi Arabia Insurance Authority’s General Insurance and Reinsurance Subcommittee.
The company entered the Saudi market last year and named Mohammad Al Abdul Jabbar as chief executive of its direct and retail business there.
With the reinsurance licence, the company said it can provide facultative cover in areas including casualty, construction, cyber, energy, financial lines, mergers and acquisitions, and property.
It will also offer treaty arrangements backed by analytics, portfolio optimisation and capital advisory, as well as access to its international network and market relationships through a Saudi-based team.
Lockton had already received a retail insurance licence in Saudi Arabia.
Following the latest approval, the company is now able to provide both retail and reinsurance services in the country.
Lockton Middle East and North Africa chairman Ata Khatib said: “Our priority is delivering locally led reinsurance solutions that combine global expertise with market-specific insight and that meet the evolving needs of clients in Saudi Arabia.
“Mohammed’s experience and leadership will help us build the capabilities needed to offer end-to-end support, from complex facultative placements to treaty solutions, ensuring clients have access to the best advice and execution where it matters most.”
