Steady growth of Saudi insurance sector prompts Chedid Re to set up operations in Kingdom
Chedid Re, one of the leading reinsurance brokers in the MENA region, has announced that it has established a new subsidiary in the Kingdom of 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.
Farid Chedid, Chairman and CEO of Chedid Re Group of Companies, said, “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. Chedid Re has been doing business in the Kingdom since 1998 and by setting up operations here we will be getting closer to our clients in the Kingdom and are better positioned to serve them with the expertise we are renowned for. Moreover, the timing of our entry with enhanced services and in-depth local know-how shows a further commitment from our side to this market.”
Elie Abi Rached, General Manager of Chedid Re in Saudi Arabia, said, “We will be focused on anticipating the growing sophisticated needs of the Saudi Arabian insurance market in terms of product innovation, technical expertise and risk management solutions.”
Chedid Re, which was established in Cyprus in 1998, today delivers comprehensive reinsurance solutions to over 170 insurance companies in the MENA region and Europe through operations in Cyprus, Greece, UAE, Qatar, Lebanon and now in Saudi Arabia. Chedid Re won the ‘2010 Reinsurance Broker of the Year’ award at the Gulf Insurance Awards held in Dubai earlier this year and the ‘2010 Reinsurance Broker of the Year’ award at the 5th Middle East Insurance Awards, thus reinforcing the company’s reputation for offering high quality services, placement of complex and specialised risks, and speed of delivery.