Intermediary will provide full broking and advisory services
Following approval by the Saudi Arabian Monetary Agency (SAMA), Marsh has been licensed to provide full insurance broking and advisory services in Saudi Arabia under the provision of the Insurance Law of 2003.
The company will serve the insurance and reinsurance needs of its clients through Marsh Saudi Arabia Insurance and Reinsurance Brokers and provide consultancy and risk advisory services and solutions through Marsh Insurance Consulting Saudi Arabia. These two entities are joint ventures that include Marsh, long time affiliate Saudi International Trading and Marketing, owned by Sheikh Abedlelah Kaki, and prominent insurance industry professional Mousa Al Rubaian.
Thanking SAMA for the grant of licence, Sa'ed Obied, country manager of Marsh in Saudi Arabia, said: “Marsh is pleased to be licensed under the insurance law in Saudi Arabia and is excited by the opportunities this licence gives us to build on that relationship to the benefit of our clients.
”Saudi Arabian companies are growing in complexity and sophistication. As these companies expand their activities locally, regionally and globally, Marsh looks forward to working with them and bringing to bear its unrivalled resources to help them achieve their objectives.”
Robert Makhoul, head of Marsh’s Middle East operations, said: “The Middle East is one of Marsh’s fastest growing regions and Saudi Arabia is a key driver of that growth. Such rapid expansion brings not only opportunities but also greater and more complex risks.
“Marsh is uniquely placed to assist companies in this business environment. As part of MMC, it is able to access the skills and expertise of such market-leading sister companies as Mercer, Oliver Wyman and Kroll, all of whom are boosting their presence in the region.
“My colleagues and I look forward to harnessing these exceptional resources on behalf of our Saudi and Middle East clients, customising the right solutions to meet their particular needs anywhere around the world.”