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Chedid Re To Launch In Saudi

Reinsurance specialist secures SAMA-approved licence to lay roots in the Kingdom.

Chedid Re is launching operations in Riyadh to capitalise on Saudi Arabia’s rapidly growing insurance industry, the company announced on Tuesday.

The company said it had secured a licence from the Saudi Arabian Monetary Agency (SAMA) to provide reinsurance brokerage services across the Kingdom.

Saudi Arabia has one of the largest insurance markets in the Middle East, with the country’s population expected to reach 45 million by 2020.

Demand for medical and motor insurance in particular is expected to soar in line with Saudi’s population growth.

“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,” Farid Chedid, chairman and CEO of Chedid Re, said.

He added laying roots in the Kingdom was a natural move following the company’s ongoing work with Saudi companies since 1998.