Howden to launch reinsurance operation in Saudi Arabia

Howden, a global insurance and reinsurance broking group, has secured regulatory approval to launch a reinsurance operation in the Kingdom of Saudi Arabia, Howden Re KSA, to be led by Motaz Bukhari as Chief Executive Officer (CEO).

Howden Re KSA is to offer Treaty and Facultative placements, in addition to offering strategic advice on leveraging data, analytics and capital markets expertise for the Saudi market.

David Howden CBE, CEO, Howden, said: “We couldn’t be more excited to open the doors to Howden KSA. This is a country buzzing with opportunity. It is one of the fastest growing economies in the G20 with a hugely ambitious vision that puts insurance front and centre.

“We have already built up a strong partnership with the Kingdom thanks to our role as part of the UK government’s Great Futures delegation, our work with Saudi EXIM bank and our sponsorship of the Jockey Club of Saudi Arabia. We now look forward to turbocharging our efforts – building a long-term commitment with our Saudi partners, providing innovative solutions to the local market, and a fresh alternative for home-grown talent.”

Howden plans to rapidly expand its reinsurance brokerage services in Saudi Arabia, growth that is to be achieved through partnerships with local businesses and investment in local talent, according to the announcement.

With 12 years in the insurance industry, Bukhari will be heading this venture having most recently served as Deputy CEO of Marsh’s Guy Carpenter in Saudi Arabia, where he has served for the past five years.

His career also includes seven years on the underwriting side, specialising in Property and Energy at Arch. He began his professional journey as an engineer with Saudi Aramco.

Richard Mockett, CEO, Howden Middle East and Africa, commented: “Saudi Arabia’s extraordinary pace of development presents a unique opportunity for the re/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 (re)insurance sector.”

Mario Baotic, Head of International Growth Markets, Howden Re, added: “Our entry into Saudi Arabia marks an important milestone in Howden Re’s international growth and reinforces our commitment to the Middle East. With its ambitious economic transformation and increasing demand for sophisticated risk solutions, the Kingdom offers significant opportunities to deliver real value through our specialist expertise and data-driven capabilities. We are here to build for the long term – partnering locally, investing in local talent, and shaping a new chapter of reinsurance innovation and resilience across the region.”

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