Howden has received approval to open its first operation in Saudi Arabia.
With the opening of Howden Reinsurance Brokers KSA, it means that Howden now has a presence in 56 countries.
The operation will be headed by Motaz Bukhari as CEO who has spent 12 years in the insurance industry.
Bukhari was previously at Marsh Guy Carpenter in Saudi Arabia and from 2021 where he was a treaty broker and also deputy CEO. He started at the company in 2020 as a treaty broker in Dubai.
Prior to that he worked at Willis Re from 2019 as a reinsurance broker.
David Howden, founder and CEO of Howden said: “We’ve received approval to open up our very first operation in Saudi Arabia – the 56th country where we have a presence.
“Over the past few years, we’ve built up a strong relationship with the Kingdom as part of the UK government’s Great Futures delegation, our work with Saudi EXIM Bank and our proud sponsorship of the Jockey Club of Saudi Arabia (JCSA).
“But we know there is huge untapped opportunity out there.”
Howden noted that Saudi Arabia was one of the fastest growing economies in the G20 and its ambitious Vision 2030 will require insurance if it’s to succeed in transforming the country.
“That’s where our new reinsurance operation comes in. Howden Re KSA will provide reinsurance brokerage services across treaty and facultative placements as well as offering strategic advice on leveraging data, analytics and capital markets expertise,” he added.
“Wherever we open up we look to partner with local businesses while recruiting home grown talent and our operation here will be no different.”
Richard Mockett, CEO of Howden Middle East and Africa, said: “Saudi Arabia’s extraordinary pace of development presents a unique opportunity for the insurance sector to play a critical role in supporting and de-risking the Kingdom’s ambitious initiatives.
“We are proud to announce our entry into this strategically vital market, marking a significant moment in our ongoing expansion across the Middle East.
“Under Motaz’s leadership and guidance, we are confident that Howden will make a huge contribution to Saudi Arabia’s dynamic and rapidly evolving sector.”
