Loss adjuster moves into Saudi Arabia

Pensions Insight

Charles Taylor has entered 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 will provide 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) Ltd and will be led and managed by Charles Taylor Adjusting’s regional manager - Middle East, John Chambers who has relocated to Riyadh. NILACO’s founder, Nasser Al Bousseyes, will join Charles Taylor Adjusting as a director, Saudi Arabian operations.

Charles Taylor Adjusting chairman Joe McMahon said: “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.”

Chambers 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.”

Al Bousseyes 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.”