Gallagher has strengthened its position in Saudi Arabia by acquiring a majority stake in ACE Re Gallagher Arabia Reinsurance Brokers, a move that underscores the firm’s growing commitment to serving businesses and insurance clients across the Kingdom.
With this transaction, the existing management team of ACE Re Gallagher Arabia Reinsurance Brokers will continue into the newly expanded Gallagher operation, allowing clients to keep working with the same specialists while gaining broader access to Gallagher’s international capabilities, industry knowledge, and resources.
To lead the company’s next phase of development in the country, Gallagher has appointed Abdulkarim Almeajel as CEO of Saudi Arabia. He joins from Tawuniya, Saudi Arabia’s first and largest insurance provider, where he spent 15 years and most recently served as Executive Director of general insurance.
Before his tenure at Tawuniya, Almeajel also held positions at Al Rajhi Takaful and Aramco, bringing extensive experience from across the Saudi insurance and corporate landscape.
Gallagher stated that the investment expands its existing Middle East platform and will enhance its ability to support reinsurance clients from its Al Khobar office. The company also intends to establish a presence in Riyadh in the near future, further broadening its reach in the Saudi market.
Nadim Semaan of Gallagher Re described the investment as a major step forward in the company’s Middle East growth strategy. He said he was pleased to welcome both the ACE Re Gallagher team and Abdulkarim Almeajel into the specialty and reinsurance business, adding that Saudi Arabia represents a fast-evolving market with strong growth potential.
According to Semaan, Gallagher’s combination of global expertise and local market understanding will help the firm deliver stronger support for companies throughout the Kingdom as they navigate their (re)insurance and risk management needs.
Yolla El Khoury, CEO of ACE Gallagher Holding, said the relationship has progressed from a successful partnership into a more integrated regional structure. She noted that bringing specialty and reinsurance operations together creates a unified direction, stronger capabilities, and a platform intended to support long-term expansion across the Middle East.
