Aon has established a new reinsurance broking division in Saudi Arabia after securing a licence from the country’s central bank.

The launch of the new entity, Aon Reinsurance Brokers Saudi Arabia (ARBS), is in line with Saudi Vision 2030 that aims to reform the country’s insurance space.

Mohammad Al Marhoon will serve as the managing director of the new unit.

Commenting on the development, Marhoon noted: “The establishment of our local reinsurance unit progresses Reinsurance Solutions’ global strategy in the region and aligns to the Kingdom’s Vision 2030.

It will also offer us the opportunity to train Saudi talent who will specialise in reinsurance.”

Aon Reinsurance Solutions CEO for Middle East, North Africa and Turkey Amr Sartawi said: “In a growing insurance market that currently generates approximately $10.3 billion in premiums, we have the local presence, global access and extensive capabilities to position us to provide the world-class service that clients would expect from their broker of choice, helping them to build a resilient workforce and reduce the volatility of their businesses.”

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Insurance premiums in Saudi Arabia rose by 2.3% last year, with total written premiums reaching SAR38.78bn, stated a recent report by the country’s central bank.

Meanwhile, in another recent development in the Saudi insurance space, the country sanctioned the merger of state-run General Organization of Social Insurance (GOSI) and the Public Pension Agency.