Howden, the international insurance broker, announced that it has received a regulatory license from the Central Bank of Bahrain (CBB) to establish operations in the Kingdom.
This represents a significant step in Howden’s strategic growth ambitions for the Gulf region.
The establishment of Howden Bahrain adds another key territory to Howden’s footprint in the Gulf, with existing operations in Dubai, Abu Dhabi, and Oman employing over 200 people in the region.
It will provide a full range of insurance broking and risk advisory services across multiple risk sectors including Aviation, Construction, Energy, Financial Institutions, Marine, Property & Casualty, Employee Benefits, and Specialty Lines.
“I am delighted to be involved in this new and exciting venture here in Bahrain, which has been my home for 26 years. Howden Bahrain will provide Bahraini clients with personalized insurance solutions bolstered by Howden’s specialist expertise, data and analytics, and technological capabilities,” Howden Bahrain Executive Director and Chief Executive Officer Adam Knights said.
“Our engagements with multiple renowned Bahraini enterprises have encouraged us that there is ample opportunity for an alternative insurance broker to provide services in the Kingdom, and our strategy will be to grow a sizeable market share by adding value to Bahraini clients using our international capabilities and by attracting and developing local talent.”
“Our goal is to provide choices for clients in Bahrain and the wider Gulf region. We are eager to grow our existing territorial presence and develop a range of specialist solutions, and look forward to building one of the leading brokers in the region, combining our international platform with local expertise,” Howden Group Chief Executive Officer David Howden said.
The Bahrain Economic Development Board’s Executive Director for Business Development for Financial Services, Dalal Buhejji, stressed that the plan aims to increase the financial services sector’s contribution to 20% by 2026 and that further developing Bahrain’s insurance industry is a vital deliverable in addition to the five priorities. Bringing major players like Howden to Bahrain is another positive step towards achieving this goal.
Source: Bahrain News Agency
