Global insurance brokerage, risk management and consulting firm Gallagher has acquired a majority stake in ACE Re Gallagher Arabia Reinsurance Brokers, further reinforcing its commitment to supporting clients and businesses across the Kingdom of Saudi Arabia.
The ACE Re Gallagher Arabia Reinsurance Brokers management team will reportedly transition seamlessly into the new Gallagher business, with clients retaining the same team while also benefiting from direct access to the global firm’s scale, expertise and resources.
To oversee and expand the business, Gallagher has appointed Abdulkarim Almeajel as CEO of Saudi Arabia.
Almeajel joins Gallagher from Tawuniya, the first and largest insurance provider in Saudi Arabia, where he has worked for the last 15 years, most recently as Executive Director of general insurance.
Before this, he also held roles at Al Rajhi Takaful and Aramco in Saudi Arabia.
Gallagher explained that this development builds on its existing business in the Middle East and will enable the firm to service reinsurance clients from its Al Khobar office, with plans to open an office in Riyadh in the near future.
Gallagher Re’s Nadim Semaan commented, “This investment in Saudi Arabia marks a significant new milestone in Gallagher’s journey across the Middle East.
“I’m delighted to welcome the ACE Re Gallagher team and Abdulkarim into our specialty and reinsurance business. Saudi Arabia is a dynamic market undergoing significant expansion, and our global expertise, coupled with deep local knowledge, enables us to better support businesses across the Kingdom with their (re)insurance and risk management needs.”
Yolla El Khoury, CEO of ACE Gallagher Holding, said, “What began as a successful partnership has evolved into a more integrated regional model. Consolidating our specialty and reinsurance operations enables us to move forward with a unified vision, enhanced capabilities, and a platform designed for long-term growth across the Middle East.”
