History

The company’s Agency activity in the Kingdom of Saudi Arabia dates back to 1952 where ACE started as an Insurance Agent for an US insurer, namely New Hampshire Insurance Company (a member of AIG), to provide insurance services mainly to Western employees of ARAMCO.

In 1950’s ACE also acted as an insurance agent for Arabia Insurance Company.  With time the business of ACE developed and in 1964 ACE became the agents of Al Nisr Insurance Company SAL, Lebanon, the predecessor of our current Principals, Saudi Arabian Cooperative Insurance Company.

Over the years ACE became the appointed Agent of several international insurers such as Taisho Marine and Fire Insurance Company Ltd., Japan (currently known as Mitsui Sumitomo Insurance Co. Ltd.), Legal and General Assurance Society Ltd., United Kingdom, Middle East Assurance & Reinsurance Co., Bermuda, Sun Insurance Offices Ltd., United Kingdom, Libano-Suisse SAL, Lebanon, General Insurance Company Ltd., Jordan, Federal Insurance Company, Brussels, etc.  ACE was also appointed as general agents for Saudi Arabian Insurance Co. Ltd., Bermuda (SAICO Bermuda), which was established in 1975.  

In 1980 Saudi Arabian Insurance Company Ltd E.C., Bahrain, (SAICO Bahrain) replaced SAICO Bermuda as the agency principal.  ACE also acted as general agents for Arab Japanese Insurance Co. Ltd. E.C., Bahrain, which was established in 1981, as a joint venture between SAICO Bahrain and Taisho Marine & Fire Insurance Co. Ltd.  With the promulgation of the insurance laws in the Kingdom of Saudi Arabia, SAICO Bahrain became a founding member in our current principal Saudi Arabian Cooperative Insurance Company and ACE became the Agents of the newly formed company. 

ACE agency operation has a network of offices across the Middle East Region and Europe. In view of the opportunities presented by the new Insurance Law in Saudi Arabia, the Shareholders of ACE Insurance Agents Ltd. applied for an insurance agency license through the Saudi Arabian Monetary Agency (SAMA) to establish a new company.  ACE Insurance Agents Ltd. obtained a license from SAMA and commenced operation on 25th August, 2009 as General Agents of Saudi Arabian Cooperative Insurance Co.