Howden has secured regulatory approval to launch a reinsurance business in Saudi Arabia, signaling its latest move to strengthen its Middle East presence. The new operation, Howden Re KSA, will be led by Motaz Bukhari, an industry veteran with experience at Marsh Guy Carpenter and Arch, as well as a background in engineering at Saudi Aramco.
The company will offer a range of reinsurance brokerage services, including treaty and facultative placements, and aims to provide expertise in data, analytics, and capital markets. Howden Re KSA also plans to collaborate with local firms and invest in developing Saudi talent.
Saudi Arabia’s re/insurance market is experiencing significant growth, with projections indicating a 5.2% annual increase through 2028 and a market value expected to reach around $22.3 billion. Rising demand is fueled by population growth, expanding health and motor insurance, and economic diversification. New regulations now require insurers to retain a larger portion of premiums domestically, increasing from 20% to 30% by 2025, which is opening new opportunities for local and regional reinsurers.
Leadership at Howden highlighted Saudi Arabia’s rapid economic development and emphasized the company’s commitment to supporting the evolving insurance landscape and nurturing local expertise.