Arab Commercial Enterprises, based in Riyadh, Saudi Arabia, and Jardine Lloyd Thompson in London announced that the two insurance brokerages have agreed to establish a joint-venture company in Saudi Arabia to support an exclusive trading agreement in that country.
The two firms said the arrangement underscores their commitment to seek to align their interests, wherever possible, throughout the Arab world.
JLT International Chairman Mark Drummond-Brady commented, "JLT could not have wished for a better partner for developing our distribution into Saudi Arabia and to work with to expand and consolidate our JLT Network throughout this dynamic region."
He added, "Where we have other important relationships, we see our new partnership as adding strength to those relationships and enhancing our ability to provide solutions for our regional and global clients."
The president and CEO of ACE, Abdulaziz Abussuud, said his company "is entering a new and exciting phase by being associated with a renowned international insurance broker such as JLT. The complementary skills of the partners provide synergy for sustained growth."
Mr. Abussuud said ACE regards this alliance "as an important milestone in its long history and well-established presence in the region, positioning it to provide enhanced quality services and cutting-edge products to its existing and future clients."
In business since 1952, ACE arranges standard or tailored policies for all forms of light or heavy industry, and for small, medium or large commercial concerns as well as personal insurance for auto and home.
The company's Web site says it has a major focus on the larger, complex requirements of major oil and petrochemical companies such as Saudi Aramco, Saudi Basic Industries Corporation (SABIC) and its affiliates, and Petromin.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.