Howden launches reinsurance operation in Saudi Arabia

By Ryan Hewlett

June 25 - (The Insurer) - Howden has received regulatory approval to launch a reinsurance operation in the Kingdom of Saudi Arabia, led by former Marsh Guy carpenter executive Motaz Bukhari.

Howden Re Kingdom of Saudi Arabia (KSA) will provide reinsurance brokerage services across treaty and facultative placements, in addition to offering strategic advice on leveraging data, analytics and capital markets expertise for the Saudi market.

The company said in a statement on Wednesday that the launch will reflects Howden’s commitment to investing in new markets and to providing greater choice for clients and carriers in Saudi Arabia and the wider region.

Bukhari will serve as CEO of Howden Re KSA. Over the past five years he has held various leadership roles at Marsh Guy Carpenter in Saudi Arabia, most recently serving as deputy CEO.

His career also includes seven years on the underwriting side, specialising in property and energy at Arch.

Launch of Howden Re KSA comes a year after Howden and Allianz Trade signed an initial framework agreement with Saudi EXIM Bank to provide non-payment insurance for international exporters and banks to facilitate trade of non-oil products into Saudi Arabia.

David Howden, CEO of Howden, said: “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 home-grown talent.”

Richard Mockett, CEO, Howden Middle East and Africa, said: "Saudi Arabia’s extraordinary pace of development presents a unique opportunity for the (re)insurance sector to play a critical role in supporting and de-risking the Kingdom’s ambitious initiatives.”