ACE, JLT Form Joint Venture

RIYADH, 20 August 2007 — Arab Commercial Enterprises (ACE), an insurance company headquartered here, and Europe’s Jardine Lloyd Thompson (JLT), announced that they have agreed to establish a joint venture company in Saudi Arabia to support an exclusive trading agreement for the Kingdom and “to underline their commitment to seek to align their interests, wherever possible, throughout the Arab world.”

Speaking to Arab News here yesterday, Abdul Aziz Abussuud, ACE’s president & chief executive officer, said that ACE was “entering a new and exciting phase by being associated with a renowned international insurance broker such as JLT.” Abussuud stressed “the complementary skills of the partners,” noting that they would hopefully provide “synergy for sustained growth.” Founded in 1952, ACE today is the pioneer of Saudi insurance industry.

Since inception, ACE has rapidly grown to become the largest indigenous insurance and reinsurance broking organization in the Middle East.

ACE’s experience through the years has focused on the larger complex requirements of major oil and petrochemical companies of the Gulf region such as Saudi Aramco, Saudi Basic Industries Corporation (SABIC) and its affiliates, and Petromin.

In a statement released on this occasion, JLT’s International Chairman Mark Drummond-Brady called “ACE” an ideal partner, who would help JLT “expand and consolidate our JLT Network throughout this dynamic region.”

JLT would work with ACE as a partner as both companies have developed expertise in different categories of insurance business. ACE has an expertise in the ‘non-specialized’ classes, from the simple householders insurance policy sold to individuals, to private and commercial motor insurances (individual or fleet).“It is also offering consultancy services for the Royal Commission for Jubail and Yanbu, where ACE provides full advice for ‘Risk Management and Insurance’ for the civil infrastructure of the cities,” said ACE. This company, therefore, possesses diversified experience in arranging standard or tailored policies for virtually all forms of light or heavy industry, and for small, medium or large commercial concerns, as well as for individuals.

“Hence, the move to forge partnership by ACE and JLT is significant in the context of Saudi Arabia, especially keeping in view the fact that the Kingdom has streamlined its insurance sector,” said an insurance official.

Together with its international associates, ACE is well positioned to offer first-rate global service to its clients. JLT, on the other hand, is a leading risk management adviser and insurance and reinsurance broker.

JLT, which has substantial presence mainly in Europe, is also a major provider of employee benefit administration services and related consultancy advice. JLT is quoted on the London Stock Exchange and is the largest European-headquartered company providing these services and is one of the largest firms of its type in the world. JLT conducts its business in two main areas-risk and insurance and employee benefits.

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