#Saudi Arabia #Riyadh #Lockton #Mohammad Al Abdul Jabbar

Lockton's Strategic Expansion into Saudi Arabia

In a significant move aimed at enhancing its presence in the Middle East, Lockton, the world's largest privately held independent insurance broker, has announced its expansion into Saudi Arabia. This initiative marks a pivotal step in Lockton's international strategy to better serve clients in growth markets. The company is keen on establishing a local footprint to provide customized insurance solutions tailored to the evolving needs of businesses across various sectors including construction, energy, healthcare, and financial services.

Strategic Significance of Saudi Arabia

Saudi Arabia's growing stature as a regional economic powerhouse is a key motivator behind Lockton's decision to establish operations in the kingdom. With an increasing demand for insurance and risk advisory services, particularly in major industries, Lockton's entry aims to give clients access to international expertise fortified by local insights. This dual approach ensures that businesses can navigate complex risk landscapes with greater ease and effectiveness.

The venture will kick off with a specialized team of 20 insurance and risk experts who will be dedicated to understanding the local market while implementing global best practices. This team will help local clients benefit from extensive market knowledge, thereby fostering strong business relationships and enhanced service delivery.

Mohammad Al Abdul Jabbar: A Strategic Appointment

To lead this new chapter in Saudi Arabia, Lockton has appointed Mohammad Al Abdul Jabbar as the CEO of Retail operations. Bringing over 20 years of industry experience, Al Abdul Jabbar has held significant roles in brokerage and underwriting within reputable firms. His extensive background covers the full spectrum of the insurance value chain, from underwriting commercial accounts to managing complex and diverse insurance portfolios for multinational clients.

In addition, Al Abdul Jabbar serves as the Vice Chair of the Executive Committee of the General Committee of Insurance and Reinsurance Brokers in Saudi Arabia, showcasing his commitment to advancing the insurance sector in the region. His appointment is seen as a strategic move to leverage his deep market knowledge and customer-centric approach to drive Lockton's growth in Saudi Arabia.

Leadership Insights

Faris Khatib, the CEO of Lockton Middle East and North Africa, highlighted the importance of this expansion, stating, "Saudi Arabia is a crucial market for Lockton, and our presence here demonstrates our long-term commitment to the region and to our clients. Mohammad's appointment combines brokerage and underwriting expertise with invaluable market insight, essential for advancing our business and delivering enhanced value to customers throughout the kingdom."

Chris Brown, CEO of Lockton International, further emphasized, "Lockton’s growth is driven by our commitment to be present where our customers need us most. Expanding into Saudi Arabia allows us to support businesses in one of the world’s most dynamic economies. We are thrilled to welcome Mohammad to our leadership team; his experience and entrepreneurial spirit are a perfect fit for Lockton's culture and our mission to be the most client-centric insurance broker in the world."

Conclusion

Lockton's move into Saudi Arabia is a testament to its strategic vision of growth and customer service enhancement. As the company aligns itself with the needs of local businesses while leveraging global best practices, clients can expect improved access to tailored insurance solutions designed to address the unique risks of the region. This expansion not only marks a significant milestone for Lockton but also reshapes the insurance landscape in Saudi Arabia.

For more information about Lockton, visit Lockton.com.