Lockton Strengthens Its Global Position with New Office in Saudi Arabia

Lockton's Strategic Expansion into Saudi Arabia

Lockton, a global leader in independent insurance brokerage, has officially announced its expansion into the Kingdom of Saudi Arabia, marking a significant milestone in its strategy to enhance its presence in the rapidly growing Middle Eastern market. With this move, Lockton aims to better cater to local clients and provide tailored insurance solutions that align with the unique demands of various industries.

The decision to enter Saudi Arabia comes at a time when the Kingdom is emerging as a major economic hub, driving the increasing need for comprehensive insurance and risk management services. This demand spans across vital sectors including construction, energy, healthcare, and financial services. Lockton's entry into this market promises to bring clients a wealth of global expertise while ensuring the delivery is contextualized through a local lens.

As part of its Saudi Arabian operations, Lockton has established a dedicated team of 20 skilled specialists in insurance and risk advisory roles, laying a solid foundation to serve the diverse needs of its clientele. Appointed as the CEO for Lockton's Arabic retail operations is Mohammad Al Abdul Jabbar, a distinguished professional with over 20 years of experience in the insurance sector. Al Abdul Jabbar's past roles have equipped him with a profound understanding of both insurance broking and underwriting, making him a pivotal figure as Lockton navigates its new landscape in Saudi Arabia.

Faris Khatib, CEO of Lockton Middle East and North Africa, emphasized the company’s commitment to the region, stating, "Saudi Arabia is a critical market for Lockton and our expansion here reflects our long-term commitment to the region and our clients." Khatib highlighted Al Abdul Jabbar's expertise as being crucial for building Lockton's operations and delivering exceptional value to clients throughout the Kingdom.

The new operations are part of Lockton's broader strategy of investing in local talent and technology, ensuring that they are equipped to address the evolving risk landscape that businesses in Saudi Arabia face today. This strategic investment not only reinforces Lockton's dedication to its clients but also aligns with its mission of being present wherever clients need them the most.

Chris Brown, the CEO of Lockton International, remarked on the significance of this expansion, noting that it allows the firm to support businesses in one of the world’s most dynamic economies. “The entrepreneurial spirit and experience that Mohammad brings fit perfectly with Lockton's values and our ambition to be the most client-focused insurance broker globally,” Brown added.

In conclusion, Lockton’s foray into the Saudi Arabian market signifies a substantial commitment to enhancing local insurance services and elevating the overall risk management practices within the region. Through the combined strength of its global expertise and local leadership, Lockton aims to forge meaningful partnerships and support the growth ambitions of businesses across the Kingdom. With an environment increasingly characterized by rapid economic changes, Lockton's presence is poised to become an invaluable asset for clients seeking trusted insurance solutions in Saudi Arabia.