Insurance broker Marsh said it has received an insurance brokerage license to provide services in Saudi Arabia from the Saudi Arabian Monetary Agency (SAMA).

Marsh, a subsidiary of New York-based services firm Marsh & McLennan, said it would provide insurance and reinsurance services to clients through Marsh Saudi Arabia Insurance and Reinsurance Brokers and provide consultancy and risk advisory services and solutions through Marsh Insurance Consulting Saudi Arabia.

These two entities are joint ventures that include longtime Marsh affiliate Saudi International Trading and Marketing, owned by Sheikh Abedlelah Kaki, and prominent insurance industry professional Mousa Al Rubaian.

Sa’ed Obied, country manager of Marsh in Saudi Arabia, said: “Marsh is pleased to be licensed under the insurance law in Saudi Arabia and is excited by the opportunities this license gives us to build on that relationship to the benefit of our clients.

Last week Aon announced it received a similar license from SAMA.