WTW, a global firm specialising in advisory and broking services, has received a license to operate as an insurance broker in the Kingdom of Saudi Arabia (KSA), marking a new expansion for the company in the Middle East.
In conjunction with this development, WTW appointed Talal Omar Bahafi (pictured) as the head of insurance broking for WTW Saudi Arabia.
Bahafi’s previous experience includes his role as CEO at Chubb Arabia Insurance Company, where he led strategic growth initiatives across the region.
His prior work at Marsh McLennan also positioned him to shape market strategy for Saudi Arabia, bringing a depth of industry insight into his new role at WTW.
Pamela Thomson-Hall, WTW’s head of international, welcomed Bahafi to the leadership team.
“We are delighted to have Talal on board to drive growth opportunities in this exciting market,” she said.
Bahafi emphasised his enthusiasm about joining WTW at a time when Saudi Arabia’s Vision 2030 framework aims to diversify and expand the economy.
“I look forward to driving growth, supporting our clients, and contributing to the development of innovative solutions that align with the Vision 2030 objectives. Together, we will continue to deliver exceptional value to our clients and build upon WTW’s reputation for excellence,” he said.
Thomson-Hall said the license is a key step in building out the company’s global network.
“At WTW, we are committed to supporting our clients across the globe. Securing our insurance broker licence for the Kingdom of Saudi Arabia further strengthens our leading global network,” she said. “[The] announcement is a continuation of our growth strategy to bring global insights to clients around the world through our teams of deep specialists.”
Eleni Lykoudi, head of CEEMEA for WTW, further underscored the significance of the expansion, calling it a part of WTW’s broader ambitions for the Middle East market.
“This is a significant development in WTW’s ambitions for growth in this region. We are delighted to have Talal in place to support our clients’ needs across the region,” she said.
In addition, WTW has expanded its corporate risk and broking (CRB) services in Japan, introducing a specialised insurance brokerage division under the name WTW Broker Japan Co Ltd.
This new entity will focus on providing risk management solutions to large corporate clients and facilitate wholesale facultative reinsurance services for partnering agencies in Japan.
According to Ryohei Nakazawa, head of WTW Japan, this service addition meets growing demand among Japanese corporations, particularly in sectors such as natural resources, marine, aviation, and construction, as well as those with global operations.
“Working closely with the international and domestic insurance markets, we will focus on the speciality segments, particularly for large corporates and Japanese companies with overseas business interests. These include those in natural resources, such as power plants, renewables and mining, marine, construction, aviation, crisis management, rep and warranty, captive, and reinsurance business,” he said.
Luke Ware, head of CRB Asia for WTW, highlighted the importance of addressing emerging risks facing Japanese companies, such as cyber threats and climate-related risks.
“Japanese businesses face increasing technology, cyber, supply chain and climate transition risks. In response, we offer deep industry knowledge and insights to help them mitigate these risks and optimize business performance,” he said.
WTW Broker Japan will be headed by Tetsuro Nakazawa, an industry veteran with over 25 years of experience in the reinsurance broking sector, both in Japan and internationally.
Tetsuro highlighted the shifting insurance dynamics in Japan.
“Japan’s corporate insurance market is undergoing a phase of transformation and the role of independent international brokers is expected to grow in importance. WTW Broker Japan is positioned to work with corporate clients and insurance partners or agencies to support companies in securing insurance and fac reinsurance for complex risks,” he said.
WTW Broker Japan plans to grow its team to include more than 10 brokers and risk advisors in the coming year to strengthen its capacity to serve corporate clients in Japan.
