By Andy Sambidge
Subsidiary of London-listed company acquires stake in Saudi loss adjustment firm
A unit of London-listed Charles Taylor has made a strategic move to grow its business across the Middle East.
Charles Taylor Adjusting has entered into an agreement to acquire a majority stake in Noble Inspection and Loss Adjustment Company (NILACO), a licensed firm 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 UAE and Qatar, the company said in a statement.
Following the acquisition, the business will be renamed Charles Taylor Adjusting (Saudi Arabia) Limited and will be led and managed by John Chambers, who has relocated to Riyadh.
NILACO's founder, Nasser Al Bousseyes, joins Charles Taylor Adjusting as a director, Saudi Arabian Operations, the statement added.
Joe McMahon, chairman, Charles Taylor Adjusting 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."
John Chambers, regional manager - Middle East, Charles Taylor Adjusting added: "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."
Charles Taylor Adjusting provides loss adjusting services across for sectors including energy, marine, aviation and non-marine along with average adjusting services for ship owners and is a subsidiary of Charles Taylor Plc, which is quoted on the London Stock Exchange.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.