Global insurer Howden has obtained regulatory approvals to launch reinsurance operations in the Kingdom of Saudi Arabia (KSA).  

The new venture will be led by Motaz Bukhari as CEO, who has more than 12 years of experience in the industry.  

He has held several leadership roles at Marsh Guy Carpenter in Saudi Arabia over the past five years, most recently serving as deputy CEO.  

Earlier, he worked for seven years in underwriting, specialising in property and energy at Arch.  

Howden CEO David Howden CBE said: “We couldn’t be more excited to open the doors to Howden KSA.  

“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.  We now look forward to turbocharging our efforts – building a long-term commitment with our Saudi partners, providing innovative solutions to the local market and a fresh alternative for homegrown talent.” 

The Saudi Arabian operation will provide reinsurance brokerage services including treaty and facultative placements, and will offer strategic advice in data analytics and capital markets.  

The company plans to collaborate with local entities and hire regional talent to support the growth of Howden Re KSA. 

Howden Middle East and Africa CEO Richard Mockett stated: “We are proud to announce our entry into this strategically vital market, marking a significant moment in our ongoing expansion across the Middle East.  

“Under Motaz’s leadership and guidance, we are confident that Howden will make a huge contribution to Saudi Arabia’s dynamic and rapidly evolving reinsurance sector.” 

This month, Howden acquired Chilean retail insurance broker Ureta & Fernandez Corredores de Seguros Limitada.