The Kingdom of Saudi Arabia will serve as the headquarters for Chedid Re Europe’s regional operations in the Middle Eastern reinsurance market, the company has announced. Chedid Re Europe is a subsidiary of Chedid Capital Holding.
“We are proud to further strengthen our presence in the Saudi market, a market that deserves the best in terms of technical expertise and know-how,” said Elie Abi Rached, Chief Executive Officer of Chedid Re Global Operations.
‘’We think we can contribute significantly to a competent, thriving, and innovative insurance business.
Chairman and Group CEO of Chedid Capital, Farid Chedid, stated that “the entire group supports this decision because the Kingdom of Saudi Arabia is at the core of their strategy.
“We are putting in a lot of effort to complete this step and realize the Kingdom’s Vision 2030.”
The declaration comes after Mohammed AlSudairy’s appointment as Chedid Re KSA’s deputy CEO was reported earlier in March.
In the meantime, Chedid Re reported in November of last year that its Paris office had been granted a license to carry out insurance and reinsurance brokerage activities in France, therefore expanding the network of the company’s international operations.
A “milestone in the company’s journey,” according to Farid Chedid, Chairman and Group CEO of Chedid Capital, is the introduction of Chedid Re in France.
At the time, he added, “We are pleased to see Chedid Re increasing its global position in the insurance and reinsurance brokerage sector.
The new Paris office will support the Group’s strategic expansion throughout the continents where we operate and will enable us to be closer to the European insurance market, particularly our clients and partners across Africa and Europe, he stated.