Lockton, an independent insurance broker, has secured its reinsurance licence in the Kingdom of Saudi Arabia, a move that marks the next phase of the company’s geographical expansion.
Chris Brown, CEO, Lockton International, stated: “This licence strengthens our offering and ensures we are meeting clients where they need us, in Saudi Arabia and beyond, with the combined reach of Lockton and the specialist capabilities of our Lockton Re (treaty) business. Proximity to clients is at the heart of our strategy and this expansion reflects our commitment to being there for them as their risk and insurance needs evolve.”
The reinsurance business will be led by Mohammed Al Rowais as Chief Executive Officer, who brings over 15 years of experience in the Saudi insurance market.
During this time he has held senior roles at leading firms in the market and is currently a member of the Kingdom of Saudi Arabia’s Insurance Authority’s General Insurance and Reinsurance Subcommittee.
His leadership and deep local market knowledge will be integral to building facultative and treaty capabilities in the Kingdom, the broker stated.
Ata Khatib, Chairman, Lockton Middle East and North Africa, commented: “Our priority is delivering locally led reinsurance solutions that combine global expertise with market-specific insight and that meet the evolving needs of clients in Saudi Arabia.
“Mohammed’s experience and leadership will help us build the capabilities needed to offer end-to-end support, from complex facultative placements to treaty solutions, ensuring clients have access to the best advice and execution where it matters most.”
This expansion leverages Lockton’s global wholesale and reinsurance expertise to address local insurers’ growing requirements and deliver high-quality capacity and solutions tailored to the evolving risk needs across the Kingdom.
Keith Harrison, International CEO, Lockton Re, said: “Treaty (reinsurance) is increasingly about innovation, bringing analytics, capital solutions and agile program design to support growth and resilience. Under Mohammed’s leadership, our Saudi platform will elevate how we deliver treaty solutions in the Kingdom, ensuring Lockton sets the standard for leadership and innovation in this critical market.”
Lockton first expanded its operations into the Kingdom of Saudi Arabia in November last year, appointing Mohammad Al Abdul Jabbar as Chief Executive Officer (CEO) for its retail operations in the region.
The Saudi Arabia retail operation launched with a team of 20 specialists and insurance and risk advisors, ensuring clients will benefit from both global best practices and local market understanding.
