Gallagher, the global insurance brokerage, risk management and consulting firm, has strengthened its commitment to Saudi Arabia through the purchase of a majority share of ACE Re Gallagher Arabia Reinsurance Brokers.

The business will provide reinsurance clients in Saudi Arabia with access to Gallagher’s global specialty and reinsurance solutions and support the country’s 2030 vision of attracting international businesses and fostering economic diversification, said a statement.

The development builds on Gallagher’s existing business in the Middle East region and will see the global broker service reinsurance clients from offices in Al Khobar with plans to open an office in Riyadh in the near future. This marks a notable move into Saudi Arabia by a leading US financial services firm and one of the world’s top three insurance brokers.

To oversee and expand the business, Gallagher has appointed Abdulkarim Almeajel as CEO of Saudi Arabia. Abdulkarim 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. Prior to this he also held roles at Al Rajhi Takaful and Aramco in Saudi Arabia.

The ACE Re Gallagher Arabia Reinsurance Brokers management team will transition seamlessly into the new Gallagher business, with clients retaining the same trusted team while benefiting from direct access to Gallagher’s global scale, expertise and resources.

With an ambitious growth plan in place, Gallagher is launching a recruitment drive to build on the existing team of (re)insurance & risk professionals who have in-depth specialist knowledge of sectors including aerospace, cyber, construction, financial lines & M&A, marine, natural resources, power, property, plus special risks & crisis management.

Gallagher’s speciality and reinsurance operations in the Middle East have grown to a team of more than 100 (re)insurance & risk professionals in the last four years and the expansion of a dedicated team in Saudi Arabia will enable Gallagher to better serve clients in this rapidly transforming market.

Nadim Semaan, Chief Executive Officer, Gallagher Middle East & Africa, said: “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.”

YollaEl Khoury, CEO of ACE Gallagher Holding, added: “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.” - TradeArabia News Service