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Daily Insurance Industry News
Tuesday 21st of May 2019
April 28, 2010

Chedid Re expands into Saudi Arabia

by Gill Montia

Story link: Chedid Re expands into Saudi Arabia

Chedid Re, has established a new subsidiary in Saudi Arabia in a move that will allow the reinsurance broker to capitalise on the country’s fast-growing insurance sector.

According to the firm, the Riyadh-based unit will be seizing opportunities in one of the largest insurance markets in the Middle East, having already been licensed by the Saudi Arabian Monetary Agency.

With the country’s population expected to reach 45 million by 2020, the demand for insurance products (especially medical and motor insurance) should escalate, positively impacting the reinsurance sector.

Commenting on the expansion, general manager Chedid Re Saudia Arabia, Elie Abi Rached, says: “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 describes itself as a significant producer of Middle Eastern and North African reinsurance business to the London market, having underwritten business and entered into reinsurance contracts as a cover holder on behalf of Lloyd’s of London since 1999.

Earlier this year, the firm was named “2010 Reinsurance Broker of the Year” at the Gulf Insurance Awards held in Dubai.

 

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