Chedid Re Europe, a member of Chedid Capital Holding, has announced it has chosen the Kingdom of Saudi Arabia as headquarters for its regional operations in the Middle Eastern reinsurance market.
Elie Abi Rached, Chief Executive Officer of Chedid Re Global Operations, commented, “We are proud to further reinforce our presence in the Saudi market, a market that deserves the best in terms of technical expertise and know-how.
“We believe that we have an important role to play in assisting a professional, vibrant and pioneering insurance industry.”
Farid Chedid, Chairman and Group CEO of Chedid Capital said, “The entire group supports this move because the Kingdom of Saudi Arabia is at the heart of our strategy.
“We are working hard to make this step a success and to achieve the Kingdom’s Vision 2030.”
The announcement follows news from earlier in March that Mohammed AlSudairy was appointed Deputy CEO of Chedid Re KSA.
Meanwhile, in November last year, Chedid Re announced that its Paris office had received a license to conduct insurance and reinsurance brokerage activities in France, extending the network of the firm’s global operations.
Farid Chedid, Chairman and Group CEO of Chedid Capital, described the launch of Chedid Re in France as a “milestone in the company’s journey.”
“We are proud to see Chedid Re reinforcing its international presence in the insurance and reinsurance brokerage market,” he said at the time.
He continued, “Our new Paris office, along with the London office, will support the Group’s strategic expansion across the continents where we operate and will enable us to be closer to the European insurance market, and particularly our clients and partners across Africa and Europe.”
