Broker buys significant equity stake in Arabian International Management Company

Willis Group Holdings today announced that it is one of the first brokers to be officially licensed in Saudi Arabia by the Saudi Arabian Monetary Agency under the provisions of the Insurance Law of 2004.

The global insurance broker’s operations in the country will henceforth be known as Willis Saudi Arabia.

Reinforcing its commitment to the Middle East in general and to Saudi Arabia where it already serves many clients through the offices of Arabian International Management Company (AIMCO), Willis has taken a significant equity stake in AIMCO through its Dubai-based joint-venture, Al-Futtaim Willis. AIMCO's company name will now be changed to Willis Saudi Arabia and will continue to function in accordance with Willis’ highest operational and compliance standards.

Led by General Manager, Murray McLachlan, Willis Saudi Arabia now boasts some 40 staff with offices in Riyadh, Jeddah and Al-Khobar.

Commenting on this important development, Bob Peilow, Managing Director, Willis Global Specialties and Middle East, said: "We are delighted to be able to make this important announcement. Saudi Arabia's rapidly developing economy presents many opportunities and challenges and we are confident that Willis' name and reputation, combined with our proven strategy of delivering locally the very best of our specialist, global expertise will contribute greatly to responding to our client needs which will continue to arise out of this period of growth."