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

The riyadh-based entity said that it has been licensed by the Saudi Arabian Monetary Agency (SAMA) to provide reinsurance brokerage services across the Kingdom.

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, offers 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.