International insurance broker Howden has received a regulatory license from the Central Bank of Bahrain to establish operations in the Kingdom.
The firm states that the establishment of Howden Bahrain adds another key territory to its footprint in the Gulf, where it currently employs over 200 people in Dubai, Abu Dhabi and Oman.
Adam Knights, Executive Director and CEO of Howden Bahrain commented, “I am delighted to be involved in this new and exciting venture here in Bahrain, which has been my home for 26 years.
“Howden Bahrain will provide Bahraini clients with personalised insurance solutions bolstered by Howden’s specialist expertise, data and analytics and technological capabilities.
“Our engagements with multiple renowned Bahraini enterprises have encouraged us that there is ample opportunity for an alternative insurance broker to provide services in the Kingdom, and our strategy will be to grow a sizeable market share by adding value to Bahraini clients using our international capabilities and by attracting and developing local talent.”
Howden Bahrain will provide a full range of insurance broking and risk advisory services across multiple risk sectors including Aviation, Construction, Energy, Financial Institutions, Marine, Property & Casualty, Employee Benefits and Specialty Lines.
David Howden, Chief Executive Officer, Howden, added, “Howden has operated in the Gulf for over a decade, and we were attracted to the Kingdom of Bahrain due to its reputation for being business-friendly, combined with its comprehensive regulatory environment and the availability of experienced and talented local individuals.
“Our goal is to provide choice for clients in Bahrain and the wider Gulf region. We are eager to grow our existing territorial presence and develop a range of specialist solutions, and look forward to building one of the leading brokers in the region, combining our international platform with local expertise.”
Howden currently sponsors Bahrain’s Crown Prince’s Cup, which the firm says underlines its passion for international horse racing in Bahrain and its commitment and support to local communities.
Dalal Buhejji, Executive Director of Business Development for Financial Services at the Bahrain Economic Development Board, said, “We are thrilled to see Howden enter the market benefiting from Bahrain’s earned reputation as the region’s most established financial hub with a forward-looking business ecosystem.
“In line with the Financial Services Sector Development Strategy under the Kingdom’s Economic Recovery Plan which outlines an overall objective to increase the financial services sector’s contribution to GDP to 20% by 2026, further developing Bahrain’s insurance subsector is a vital deliverable alongside five priorities.
“Attracting leading players in the likes of Howden to set up operations in Bahrain is another positive step towards realizing this target.”
The Kingdom of Bahrain recently announced it was introducing a “golden license” offering benefits to companies bringing large-scale investment projects to the Gulf state.
The country’s media office said at the time, “Companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those with investment value exceeding $50 million, will be eligible for the license.”
