Lockton has obtained a reinsurance licence in the Kingdom of Saudi Arabia, enabling the broker to operate a regulated reinsurance business serving cedants in the local market.
The new licence allows Lockton to provide reinsurance intermediation in Saudi Arabia in addition to its existing direct (retail) insurance licence. The firm, which describes itself as the world’s largest privately held insurance brokerage, plans to use the Saudi reinsurance platform to place both facultative and treaty business for Saudi-based insurers. Through the new entity, Lockton will link local insurers to its global wholesale network and to Lockton Re, its treaty reinsurance arm. According to the company, the operation will provide access to international capacity, reinsurance analytics, and capital advisory services while working within Saudi regulatory requirements.
Lockton’s facultative offering in the kingdom will cover classes such as energy, construction, property, casualty, financial lines, mergers and acquisitions, and cyber. On the treaty side, the broker intends to arrange programs supported by portfolio analysis, pricing tools, and capital-focused advisory. A team based in Saudi Arabia with local market experience will handle placements and client relationships. The reinsurance licence follows Lockton’s earlier expansion in the kingdom via its retail licence and the appointment of Mohammad Al Abdul Jabbar as CEO of its direct/retail business. With both licences in place, the broker now operates in Saudi Arabia across direct insurance and reinsurance broking.
Lockton has named Saudi insurance market practitioner Mohammed Al Rowais as CEO of the new reinsurance business. Al Rowais has more than 15 years of experience in the Saudi insurance sector and has held senior positions at domestic firms. He is also a member of the Kingdom of Saudi Arabia’s Insurance Authority’s General Insurance and Reinsurance Subcommittee. In the new role, Al Rowais is responsible for expanding Lockton’s facultative and treaty offerings in Saudi Arabia and coordinating with Lockton Re and other international offices on cross-border placements.
Ata Khatib, chairman, Lockton Middle East and North Africa, commented: “Our priority is delivering locally led reinsurance solutions that combine global expertise with market-specific insight and that meet the evolving needs of clients in Saudi Arabia. Mohammed’s experience and leadership will help us build the capabilities needed to offer end-to-end support, from complex facultative placements to treaty solutions, ensuring clients have access to the best advice and execution where it matters most.”
Chris Brown, CEO, Lockton International, said the authorisation is part of the broker’s approach to organising reinsurance resources around client locations. “This licence strengthens our offering and ensures we are meeting clients where they need us, in Saudi Arabia and beyond, with the combined reach of Lockton and the specialist capabilities of our Lockton Re (treaty) business. Proximity to clients is at the heart of our strategy, and this expansion reflects our commitment to being there for them as their risk and insurance needs evolve,” Brown said.
Keith Harrison, international CEO of Lockton Re, pointed to the role of data and capital tools in the firm’s treaty proposition for the Saudi market. “Treaty (reinsurance) is increasingly about innovation, bringing analytics, capital solutions, and agile program design to support growth and resilience. Under Mohammed’s leadership, our Saudi platform will elevate how we deliver treaty solutions in the Kingdom, ensuring Lockton sets the standard for leadership and innovation in this critical market,” Harrison said. Lockton said its Saudi reinsurance team will work with insurers on treaty programs structured around growth, capital, and risk objectives. That includes support for quota share, excess of loss, and other treaty formats, combined with portfolio management and analysis aligned with evolving local regulation.
The expansion of Lockton’s reinsurance presence comes as Saudi Arabia’s insurance sector is forecast to grow over the rest of the decade. A sector analysis published by Bupa Arabia in 2025 projected that gross written premiums in the kingdom would rise from SAR 75.9 billion in 2024 to SAR 129 billion by 2030, with health insurance expected to be a major contributor and to reach about SAR 83 billion by the end of the period.
