Chedid Re, one of the leading reinsurance brokers in the Mena region, has established a new subsidiary in Saudi Arabia.

The Riyadh-based entity has been licensed by the Saudi Arabian Monetary Agency (Sama) to provide reinsurance brokerage services across the kingdom. The move will enable Chedid Re to capitalise on Saudi Arabia’s fast-growing insurance sector, which has been witnessing significant growth in recent years.

Saudi Arabia has the distinction of being one of the largest insurance markets in the Middle East. With the country’s population projected to reach 45 million by 2020, the demand for insurance products, especially medical and motor insurance, is expected to escalate further, which in turn will positively impact the reinsurance sector.

“The outlook for the reinsurance sector in the GCC as a whole and Saudi Arabia in particular continues to remain positive despite the short terms hurdles,” said Farid Chedid, chairman and CEO of Chedid Re Group of Companies.

Chedid Re, which was established in Cyprus in 1998, delivers comprehensive reinsurance solutions to over 170 insurance companies in the Mena region and Europe.-TradeArabia News Service