Scottish Widows is to establish a new asset management arm in Saudi Arabia to tap in to the growing insurance market in the country.
Through its Scottish Widows Investment Partnership Saudi Asset Management (Swip Sam) the company aims to create investment strategies for insurance companies.
According to new regulatory guidelines, all insurance companies in the country must have invested capital of SR200m-SR300m ($53m-$80m) to manage their liabilities.
“The Saudi Arabian Monetary Authority [which regulates insurance companies] requires that capital to be managed in an investment strategy that they are comfortable with,” says Peter Dorwood, chief executive officer of Swip Sam.
Swip Sam aims to win business by managing the investments through a mixture of regional and international assets.
Dorwood says he is already in talks with insurance companies in the kingdom.
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