The Australian Government has passed the Criminal Code Amendment (State Sponsors of Terrorism) Bill 2025, which amends the Terrorism and Cyclone Insurance Act 2003 (TCI Act). The amendment aligns the definition of a terrorist act with the Crimes Act 1914, ensuring that coverage under the TCI Act extends to state-sponsored terrorism.
Lockton Re has appointed Mr Mozum Khan as Global Head of Property Innovation and Solutions. He will be based in Dubai.
The Saudi insurance market recorded growth of more than 17% in 2024, with the insurance penetration rate standing at 2.6% of non-oil GDP. The growth rate outpaced the G20 average, pointed out the Chairman of the Insurance Authority Abdulaziz Alboug.
The Company for Cooperative Insurance (Tawuniya), the biggest insurer in the Middle East, has launched Riyadh Reinsurance Company (Riyadh Re), a new reinsurer with strong domestic, regional and global ambitions.
Conduit Holdings, the ultimate parent company of Conduit Re, has announced the appointment of Mr Nicholas Shott as non-executive director.
The Company for Cooperative Insurance (Tawuniya) plans to launch a reinsurance company by the end of 2025, pending key approvals from regulatory and supervisory authorities, revealed Tawuniya CEO Othman Alkassabi.
Conduit Holdings, the ultimate parent company of Conduit Re, has announced the appointment of Mr Stephen Postlewhite as CUO of the reinsurance business, effective 26 January 2026 and subject to Bermuda immigration approval.
Kingdom Brokerage Re (DIFC Office) has appointed Mr Bilal El Hoss as its new senior executive officer, according to the reinsurance broker's LinkedIn page.
The Saudi Insurance Authority will be organising a global insurance conference and exhibition in Diriyah from 10-12 November 2025.