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Charles Taylor enters into Saudi loss adjusting business

Charles Taylor has made a strategic move to grow its loss adjusting business across the Middle East by entering into an agreement to acquire a majority stake in Noble Inspection and Loss Adjustment Company (NILACO), a licensed loss adjuster based in Saudi Arabia. The acquisition provides Charles Taylor Adjusting with a presence in Riyadh and Jeddah in Saudi Arabia and builds on the Group’s existing capabilities in the United Arab Emirates and Qatar.

Following the acquisition, the business will be renamed Charles Taylor Adjusting (Saudi Arabia) Limited and will be led and managed by John Chambers, Charles Taylor Adjusting’s Regional Manager – Middle East, who has relocated to Riyadh. NILACO’s founder, Nasser Al Bousseyes, joins Charles Taylor Adjusting as a Director, Saudi Arabian Operations.

“There is a growing demand in Saudi Arabia for greater access to international loss adjusting capabilities. We already have a strong presence in the Middle East through our multi-line loss adjusting offices in Dubai and Doha and we see significant further growth opportunities across the Middle East. This strategic move gives us a full adjusting licence together with an established business presence in Saudi Arabia. We are looking forward to working closely with international reinsurers and local markets to deliver high levels of technical and professional service on large and complex adjusting cases in Saudi Arabia,” Joe McMahon, Chairman, Charles Taylor Adjusting, said.

“Saudi Arabia is the largest Middle Eastern market, with vast resources and major infrastructure development. We will be focusing our business development on Saudi Arabia’s engineering, property, utilities and power/energy sectors, which are reinsured into London and other international markets,” John Chambers, Regional Manager – Middle East, Charles Taylor Adjusting, said.

“We wanted to build our business by becoming part of a larger international group and chose Charles Taylor because of the company’s outstanding reputation for professionalism, technical expertise and international reach. The Saudi Arabian market offers a tremendous opportunity to build a significant regional loss adjusting operation and there is a real demand from the insurance market for greater access to the professionalism and dynamism offered by Charles Taylor Adjusting. I look forward to working with my new colleagues to build a significant loss adjusting business in the Middle East,” Nasser Al Bousseyes, Director, Saudi Arabian Operations, Charles Taylor Adjusting, said.

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Posted by on Aug 10 2012. Filed under Banking & Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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